Prime ministerial hopeful Rishi Sunak has pledged to cut income tax to 16p by the end of the decade.
The former chancellor has committed to taking 4p off income tax within seven years in a move that will cost £18bn a year, which he said would be funded by additional tax receipts from economic growth.
Sunak has already pledged to cut income tax from 20p to 19p in April 2024.
He would not set a specific timetable for the further 3p tax cut as it would depend on the economy growing as forecast by 2.1% in 2025 and by at least 1.7% in the following two years, but he committed to reaching the goal by the end of the next parliament, which could be as early as 2028 or as late as 2030.
His rival, foreign secretary Liz Truss, has promised immediate tax cuts.
