Liz Truss has launched her Tory leadership bid by promising to cut tax from “day one” in office, declaring that it is time to get back to Conservative values.

In an article for The Telegraph announcing her candidacy, the Foreign Secretary signalled that she will cut corporation tax, reverse the National Insurance rise and overhaul business rates.

The move piles further pressure on Rishi Sunak to promise tax cuts, with most of his rivals to replace Boris Johnson vowing to unpick policies he adopted as chancellor.

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