London Daily

Focus on the big picture.
Wednesday, Jul 01, 2026

UK's Sunak says inflation, not tax cuts, are priority

UK's Sunak says inflation, not tax cuts, are priority

British former finance minister Rishi Sunak said his first economic priority if he becomes prime minister will be tackling high inflation, not the tax cuts pledged by some of his rivals in the race to replace Boris Johnson.
British consumer price inflation hit a 40-year high of 9.1% in May, and the Bank of England forecasts it will exceed 11% in October when regulated household energy tariffs increase next.

"I think our number one economic priority is to tackle inflation and not make it worse," Sunak told BBC radio on Thursday. "I will get taxes down in this parliament but I'm going to do so responsibly, because I don't cut taxes to win elections, I win elections to cut taxes," he added.

Sunak, whose resignation last week helped trigger the fall of Johnson's government, is leading a field of six candidates after the first round of voting on Wednesday.

He scored 88 votes from his fellow Conservative lawmakers, ahead of junior trade minister Penny Mordaunt on 67 and foreign Secretary Liz Truss on 50.

Sunak rejected suggestions that his wealth had hindered his ability to understand the financial pressures facing millions of Britons - for example, by being reluctant to support publicly funded meals for poor children during school holidays.

Sunak and his wife Akshata Murthy were included in a "Rich List" of the 250 wealthiest British residents published by the Sunday Times newspaper in May.

Asked if he was "too slick and too rich" to be prime minister, Sunak said he judged people by their character rather than their bank account, and hoped others would do the same.

"When the pandemic hit, I understood full well the impact it could have on millions of people up and down the country," he said.
Newsletter

Related Articles

0:00
0:00
Close
UK Government Confirms Rejected Asylum Seekers to Remain Amid Enforcement Challenges
UK-China Economic Talks Focus on Services Trade and High-Value Sectors
Buckingham Palace Revamp Plans Unveiled to Modernise Royal and Public Facilities
Two Dead After Light Aircraft Crash in Essex Field, Investigation Underway
Princess Diana Marked at 65 With UK Tributes Reflecting on Her Public Legacy
England Teachers Face New Pay Cap Rules for Academy School Leaders Under Education Reform
Dublin Security Alert Escalates After Stabbing and Reports of Transport Disruption
UK Government Faces Scrutiny Over £10,000 Asylum Living Cost Contribution Requirement
England Prepares World Cup Knockout Match Against Democratic Republic of Congo
Northern Rail Project Warned of HS2-Style Cost Risks by UK Parliamentary Committee
UK Tightens Asylum Rules as Most Rejected Applicants Expected to Remain in Country
UK Heat Health Alert Issued as Temperatures Expected to Exceed 30°C Across England
Halifax Brand to Disappear From UK High Streets in Lloyds Banking Group Restructuring
England Teachers Receive 6.6 Percent Pay Rise Over Two Years as Schools Warn of Budget Strain
UK Defence Spending Plan Sparks Budget Clash as Regional Infrastructure Projects Face Pressure
Inquest Continues in Northern Ireland into Death of Noah Donohoe in Belfast
UK Travel Industry Calls for Suspension of New EU Border System During Peak Holiday Season
Telegraph Media Group Acquired by German Media Firm in £575 Million Deal Completion
House of Commons Warns Northern Rail Upgrade Risks Repeating High-Speed 2 Cost Overruns
UK Transport Unions Warn of Summer Strike Action Over Pay Disputes
UK Health Secretary Calls Maternity Care Review a “Watershed Moment” for NHS Reform
Nigel Farage Faces Questions Over £270,000 Payment Linked to Gold Marketing Firm
Labour Government Faces Internal Division Over North Sea Oil and Gas Policy Direction
National Screening Committee Invites New Proposals for UK Health Screening Programmes
UK and China Hold Industrial Strategy Talks on Trade and Export Growth Opportunities
UK Defence Funding Gap Widens as £4.7 Billion Shortfall Puts Pressure on Spending Priorities
United Kingdom Faces Historic Demographic Shift as Deaths Forecast to Exceed Births in England and Wales
United Kingdom Introduces Major Motability Scheme Reforms Targeting £1 Billion in Long-Term Savings
Global Billionaire Numbers Rise 13 Percent Amid Artificial Intelligence Stock Boom
Body of Fifteen-Year-Old Boy Recovered from Manchester Reservoir
Major Rail Disruption in UK After Cows Stray Onto Intercity Tracks
UK Launches National Campaign to Reduce Water Consumption After Heatwave
Foreign Secretary David Lammy Raises Case of UK Woman Death with US Authorities
Shetland Islands Council Approves Subsea Tunnel Plans Linking Major Islands
Telegraph Media Group Takeover by German-Led Consortium Completed
Resident Doctors in England Accept Government Pay and Conditions Deal
Andy Burnham Sets Out Ten-Year Economic Vision Amid Labour Leadership Debate
Asylum Seekers in UK Face £10,000 Contribution Requirement Under New Law
UK Government Moves to Break Apple and Google App Store Dominance
New UK Steel Tariffs and Import Quotas Aim to Shield Domestic Industry
Damning Report Exposes Failures in Maternity and Neonatal Care Across England
Government Data Reveals Five Billion Pound Shortfall in UK Defence Budget
Prime Minister Keir Starmer Unveils Three Hundred Billion Pound Defence Investment Plan
UK Crime and Policing Act 2026 Comes into Force with New Justice System Reforms
UK Prime Minister Hosts NATO Secretary General Mark Rutte for Security Talks at Downing Street
UK Tightens Oversight of Emissions Trading Scheme Through New Ministerial Directions
UK Issues Statement at UN Security Council on Violence in the West Bank
UK Environment Agency Clears Illegal Waste Site in West Yorkshire After Court Action
UK Resident Sentenced for Fraudulently Claiming £30,000 in Covid Business Loans
UK Launches Taskforce to Help Young People Claim Dormant Child Trust Fund Savings
×