Mon 11 July 2022:
Sajid Javid, a contender to succeed Boris Johnson as prime minister of Great Britain, declared on Monday that if elected, he would slash a number of taxes and hold an emergency budget to improve aid for those affected by the growing cost of living.
Former finance and health minister said he would bring forward an income tax cut, halt a corporation tax rise, and scrap an increase in social security contibutions.
In a campaign launch in central London on Monday, the Bromsgrove MP revealed plans to woo Tory colleagues and grassroots activists with a promise of tax cuts and an ambitious house-building programme as he said that Conservatives were facing a “wake up and smell the coffee” moment.
I don’t have a fancy new video.
So here’s one I made earlier… pic.twitter.com/Vd1dmj6qaT
— Sajid Javid (@sajidjavid) July 10, 2022
He would also cut fuel duty by 10 pence a litre and launch a new 5 billion pound package to reduce energy bills.
“It is vital that we do more to support families dealing with the spike in inflation,” Javid said in a policy document.
“These are one off costs to be announced in an Emergency Budget which … will have minimal impact on fiscal headroom in 2024/25.”
Javid resigned from the cabinet last Tuesday, becoming the first senior minister to do so in response to Johnson’s handling of a number of scandals that ultimately led to the collapse of the government.
Javid stated in a statement outlining his economic strategy that he would push the implementation of a planned income tax decrease to 19% from 20% to begin in 2023 rather than 2024.
He also said he would ditch the National Insurance Levy – an increase to social security contributions that took effect in April and he publicly defended as health minister to boost spending on the National Health Service and social care.
With a long-term goal of lowering the tax to 15%, he stated that he would maintain the existing rate of 19% for corporate tax rather than raising it to 25% as is now scheduled to happen in April 2023.
He promised to manage public sector pay by making sure it doesn’t increase by more than what independent studies indicate.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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