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Hammond warns Tory candidates over tax cut pledges | Hammond warns Tory candidates over tax cut pledges |
(17 days later) | |
The chancellor, Philip Hammond, will tell Tory leadership hopefuls that they cannot hope to rebuild the party simply by cutting taxes and slashing red tape. He will also warn against “reckless” solutions offered by “populists” and defend government intervention on issues such as the national living wage. | The chancellor, Philip Hammond, will tell Tory leadership hopefuls that they cannot hope to rebuild the party simply by cutting taxes and slashing red tape. He will also warn against “reckless” solutions offered by “populists” and defend government intervention on issues such as the national living wage. |
Hammond will argue that a “regulated market model” rather than total liberalisation is the best way to raise living standards. | Hammond will argue that a “regulated market model” rather than total liberalisation is the best way to raise living standards. |
With Philip Hammond's departure likely, an uphill battle awaits his successor | Larry Elliott | With Philip Hammond's departure likely, an uphill battle awaits his successor | Larry Elliott |
Leadership contenders are already setting out plans to cut taxes in an effort to appeal to the grassroots Tory members who will decide on the next occupant of No 10. | Leadership contenders are already setting out plans to cut taxes in an effort to appeal to the grassroots Tory members who will decide on the next occupant of No 10. |
Dominic Raab has pledged to cut income tax by a penny a year – 5p over the course of a parliament, to just 15p in the pound for the basic rate – which critics have claimed would cost £25bn. The foreign secretary, Jeremy Hunt, has also adopted a tax-cutting approach, although in his case he suggested slashing corporation tax to Irish levels of 12.5%. | Dominic Raab has pledged to cut income tax by a penny a year – 5p over the course of a parliament, to just 15p in the pound for the basic rate – which critics have claimed would cost £25bn. The foreign secretary, Jeremy Hunt, has also adopted a tax-cutting approach, although in his case he suggested slashing corporation tax to Irish levels of 12.5%. |
A source said Hammond’s speech would be a “rebuke to those who call for total liberalisation of the market” and a warning against “those who seek to renew the Conservative party by relying on tax cuts and deregulation only”. He would be making the point that “letting rip the forces of the free market doesn’t always work for all”, the source said. | A source said Hammond’s speech would be a “rebuke to those who call for total liberalisation of the market” and a warning against “those who seek to renew the Conservative party by relying on tax cuts and deregulation only”. He would be making the point that “letting rip the forces of the free market doesn’t always work for all”, the source said. |
His style is notably technocratic, with few rhetorical flourishes and an emphasis on his consensual approach and long record as a minister, notably during more than five years as health secretary, a traditional graveyard of ministerial careers. Hunt’s attempts to talk up a backstory as an 'underestimated' entrepreneur can fall flat given he is also the son of an admiral and was head boy at Charterhouse. | His style is notably technocratic, with few rhetorical flourishes and an emphasis on his consensual approach and long record as a minister, notably during more than five years as health secretary, a traditional graveyard of ministerial careers. Hunt’s attempts to talk up a backstory as an 'underestimated' entrepreneur can fall flat given he is also the son of an admiral and was head boy at Charterhouse. |
Overall, Hunt’s approach can seem uninspiring and hard to pin down in terms of core beliefs, hence the 'Theresa in trousers' nickname among some Tory MPs – one that is more catchy than accurate (since May herself often wears trousers). | Overall, Hunt’s approach can seem uninspiring and hard to pin down in terms of core beliefs, hence the 'Theresa in trousers' nickname among some Tory MPs – one that is more catchy than accurate (since May herself often wears trousers). |
In the final round of MP voting Hunt edged out Michael Gove, 77 votes to 75. | |
Johnson’s progress to Downing Street appeared unstoppable even before an overwhelming victory in the first round of voting among MPs. Most of his colleagues believe it is now all but inevitable that he will be Britain’s next prime minister. | |
His well-disciplined campaign team will continue with their strategy of subjecting him to minimal media exposure, though once the field is narrowed down to two, the final pair will appear in more than a dozen head-to-head hustings for Tory members. The team’s main aim is simply to keep heads down and avoid Johnson creating headlines for the wrong reasons. It may not have worked. | |
Johnson came first in the final round of MP voting with 160 votes. | |
Hammond will be speaking in London on Thursday at the launch of a report by living standards thinktank the Resolution Foundation on the impact of the higher minimum wage. | Hammond will be speaking in London on Thursday at the launch of a report by living standards thinktank the Resolution Foundation on the impact of the higher minimum wage. |
He will say: “The truth is, we have seen a gap open up – in Britain and in other developed countries – between the theory of how a market economy and free trade creates and distributes wealth, and the reality experienced by many ordinary people. | He will say: “The truth is, we have seen a gap open up – in Britain and in other developed countries – between the theory of how a market economy and free trade creates and distributes wealth, and the reality experienced by many ordinary people. |
“But that doesn’t mean we should abandon our economic model. Of course, we can’t ignore people’s concerns either – otherwise the reckless solutions of the populists will flood in to fill the vacuum. | “But that doesn’t mean we should abandon our economic model. Of course, we can’t ignore people’s concerns either – otherwise the reckless solutions of the populists will flood in to fill the vacuum. |
“So for those, like me, who believe passionately that harnessing the power of market economics is the only way to deliver progress … it is imperative that we take decisive action to show that the regulated market model can deliver higher wages and higher living standards.” | “So for those, like me, who believe passionately that harnessing the power of market economics is the only way to deliver progress … it is imperative that we take decisive action to show that the regulated market model can deliver higher wages and higher living standards.” |
Philip Hammond | Philip Hammond |
Conservative leadership | Conservative leadership |
Conservatives | Conservatives |
Tax and spending | Tax and spending |
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