of lowering the basic income tax rate by one percentage point was about £6 billion a year. As long as the domestic economic growth trend is as predicted by the OBR, and the GDP growth rate can maintain a level of around 1.7% in 2028 and 2029, the British finances can withstand tax cuts while ensuring low debt. Sunak's statement stressed that his vision for tax cuts was radical but pragmatic.
He will never let inflation worsen in order to cut taxes, and he phone database will never make promises that he cannot afford, and he will definitely tell the people honestly about the challenges facing the country. However, the campaign stressed that tackling inflation remains Sunak's priority; "once it succeeds in combating inflation", Sunak will take clear steps to "return rich to the people." Sunak has also pledged to increase capital tax relief to stimulate business investment in the UK. According to data released by the Office for National Statistics (ONS) at the end of June, business investment in the UK in the first quarter of this year was only 90.9% of the quarterly average of 2019, which was lower than the average of the member countries of the Organisation for Economic Co-operation and Development (OECD).
However, Sunak raised the corporate income tax rate from 19% to 25% for companies with an annual operating profit of more than 250,000 pounds, the highest in nearly 50 years, and will be implemented in April next year. This has been questioned by some as hampering economic growth. Although the campaign emphasizes Sunak's "consistent position," including his earlier advocacy for reasonable tax cuts once inflation is under control, and his refusal to borrow to pay for the cost of tax cuts, his latest political views do have many parallels with his leadership rivals , Foreign Secretary Liz Truss echoes each other.