Conservative leadership race: Jacob Rees-Mogg accuses Rishi Sunak of ‘fantasy’ economics

One of Liz Truss’s biggest Cabinet supporters has attacked Rishi Sunak’s plans to slash income tax if he is chosen as Britain’s next Prime Minister, labelling them the “finest fantasy”.Mr Sunak unveiled plans earlier this week to cut income tax to 16p in the pound by the end of the next Parliament, which could be in December 2029. The former Chancellor has insisted the tax cuts would only come once inflation - which was at 9.4 per cent in June - is brought back under control.

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