Policy guide: Where Truss and Sunak stand

by | Jul 20, 2022 | Politics

Tax & spending

Liz Truss
Foreign Secretary

Says she will reverse the recent rise in National Insurance, which came into effect in April
Pledges to scrap a planned rise in corporation tax – set to increase from 19% to 25% in 2023
Would suspend what is known as the “green levy” – part of your energy bill that pays for social and green projects
Says she will pay for the cuts by spreading the UK’s “Covid debt” over a longer period
Promises to change taxes to make it easier for people to stay at home to care for children or elderly relatives
Wants to create new “low-tax and low-regulation zones” across the country to create hubs for innovation and enterprise
Says she won’t cut public spending unless there is a way to do so that won’t lead to future problems
Would bring target of spending 2.5% of GDP on defence forward to 2026 and introduce a new target of 3% by 2030

Read more about Liz Truss

Rishi Sunak
Former Chancellor of the Exchequer

Promises to reduce taxes “once we’ve gripped inflation” – saying it is a matter of when not if
Pledges to cut income tax before the end of the next Parliament
Hasn’t set out details of any other tax cuts, but says he wants “radical reforms” to the way businesses are taxed
Says public sector pay deals should be decided by independent pay review bodies
As chancellor raised National Insurance by 1.25p in the pound to pay for health and social care but also raised the earnings level at which it starts to be paid to £12,570
Also announced plan to increase corporation tax from 19% to 25% in April 2023
Promises to maintain defence spending and says we should view current minimum level of spending 2% of GDP “as a floor, not a ceiling”

Read more about Rishi Sunak

Cost of living

Liz Truss
Foreign Secretary

Says she will tackle the crisis by putting money back into people’s pockets, such as by reversing the National Insurance rise
Would suspend what is known as the “green levy” – part of your energy bill that pays for social and green projects
Promises to change taxes to make it easier for people to sta …

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