Ten Things You Need to Know Today: 1 August 2022

The Week’s daily digest of the news agenda, published at 8am

1. Sunak promises ‘radical’ tax cut

Rishi Sunak has promised the biggest income tax cut in 30 years – slashing the basic rate from 20% to 16% if he becomes PM. The Tory leadership hopeful said the “biggest income tax cut since Margaret Thatcher’s government” is a “radical vision”, but “also a realistic one”. However, a Liz Truss campaign source described the move as a “flip-flop”. Sunak had previously described Truss’ plans for tax cuts as “immoral” and dismissed them as “comforting fairytales”. Conservative Party members start to receive their ballot papers this week, with some able to submit their votes as early as today.

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