Tory leadership race: Zahawi pledges 2p income tax cut within two years

Chancellor vows to slash spending if he gets top job as rival Liz Truss says she would cut taxes from day one'

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Nadhim Zahawi has promised to cut income tax by 2p within two years if he becomes prime minister and condemned what he called the excessive taxation and spending of the government in which he remains the chancellor.

In another ramping up of what Labour has called an uncosted tax cutting arms race", Zahawi told Conservative activists that he would also reduce tax as a percentage of national income every year he was in power.