Sunak, Truss to Face Off in Tory Leadership Contest
By Geoffrey Smith
Investing.com -- Rishi Sunak and Liz Truss will run off against each other in the final stage of the contest to become leader of the U.K. Conservative Party - and, by extension, the next U.K. Prime Minister.
A final round of voting on Wednesday by Tory Members of Parliament gave Sunak 137 votes and Truss 113, eliminating the third candidate Penny Mordaunt, who got 105 votes.
The final decision will be taken by the nationwide membership of the Conservative Party, with a vote to be held by September 5th.
The pairing represents a surprisingly clear divide on fiscal policy, with Sunak having built his campaign on a platform of responsible deficit management, and Truss having promised accelerated tax cuts in order to spur growth, which she says has been harmed by the tax increases imposed by Sunak in the last year.
Sunak's last budget had raised national insurance contributions on the self-employed and also increased taxes on corporate profits - albeit at the same time as offering a big expansion of tax-free allowances for business investment. During his time as Chancellor of the Exchequer, Sunak has also resorted extensively to freezing various tax-free allowances.
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