Onward’s report calls for the policy to be enacted in the next Government spending review, which would determine the next three years of economic priorities. The report also called for slowing down the speed at which national debt is brought down, which it says will free up £190billion over the next four years. The report argues this would stimulate investment and as a result, increase productivity. Corporation tax is currently at 19 percent.
Speaking to The Daily Telegraph, Michael Gove said: “This report will kick start a debate the party needs to have”, before adding he’ll “be looking very carefully at the recommendations made in this report”.
Health Secretary Matt Hancock emphasised a belief in the importance that Theresa’s May successor “should keep debt falling while getting pounds into people’s pockets, properly funding public services and providing the jobs of the future can keep our country prosperous”.
Foreign Secretary Jeremy Hunt described the report as “inspiring” while Home Secretary Sajid Javid described it as making “a really important contribution” to the discussion about a post-Brexit economy.
Former Work and Pensions Secretary Esther McVey, meanwhile, spoke of how the report showed “exactly the type of thinking we need to rebuild our Party”.
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However, the candidates did not find agreement from the Chancellor.
Speaking to a think tank, Phillip Hammond argued against tax cuts stating “population demographics are making them harder to do” and warning against what he views as “reckless promises”.
The five MPs will be joined in the election to determine the next Prime Minister by James Cleverly, Mark Harper, bookies favourite Boris Johnson, Andrea Leadsom, Kit Malthouse, Dominic Raab and Rory Stewart.
If only one of the declared candidates receives 48 nominations (15 percent of Tory MPs) they will automatically win the leadership contest.
If just two receive 48 nominations, a ballot of party members is held.
If more than two receive sufficient nominations, Tory MPs will vote with the bottom-ranked candidate being removed and more ballots held on under the same formula on Tuesdays and Thursdays until two remain, at which point members will vote.
Iain Duncan Smith, who led the party from 2001 to 2003, raised concerns about the number of candidates, with 12 declaring so far.
Speaking to the BBC, Duncan Smith said: “I have never seen so many people lining up and there may be more.
“We need to present a face of a party that actually can get jobs done.
“We don’t want to have this meandering around like chaos.”
Former Chancellor George Osborne also weighed into the debate saying choice was “not a bad thing” but did admit he thought candidates needed to be more heavily scrutinised.
