London - Former finance minister Rishi Sunak, the favourite in the race to succeed Boris Johnson as Conservative leader and Prime Minister, has vowed to tackle soaring inflation before joining his Party rivals in promising tax cuts.

"We need a return to traditional Conservative economic values - and that means honesty and responsibility, not fairy tales," Sunak, who quit as finance minister last week, is expected to say at the launch of his campaign, according to his team, a jibe at rivals who have promised immediate large cuts to business or personal taxes.

Sunak, who oversaw the country's response to the COVID-19 pandemic and provided about 400 billion pounds ($481 billion) in economic support, has the largest support among Conservative lawmakers who have publicly stated a preference.

According to his team, Sunak will promise to cut taxes once inflation, which hit a 40-year high of 9.1% in May, had been brought under control.

"I have had to make some of the most difficult choices in my life when I was Chancellor, in particular how to deal with our debt and borrowing after COVID," Sunak will say.

"My message to the party and the country is simple: I have a plan to steer our country through these headwinds. Once we have gripped inflation, I will get the tax burden down. It is a question of ‘when’, not ‘if’."

While Sunak's popularity with the public rose during the pandemic, it was dented with some Conservative lawmakers after he raised payroll taxes in April to fund higher health and social care spending and announced plans to raise corporation tax sharply in 2023.

Sunak who leads the field in the political race, is followed by Penny Mordaunt and Elizabeth Truss.

Expected dates in the contest (Courtesy – BBC)
12 July - Nominations close for candidates - each needs the backing of 20 MPs
13 July - First round of voting - candidates with fewer than 30 votes eliminated
14 July - Second round of voting - candidate with fewest votes eliminated
18-21 July - Successive rounds of voting until two candidates remain
July/August - Final two candidates face Tory party members at hustings around the country
5 September - New PM announced

The timetable for the Tory leadership race has been confirmed by Sir Graham Brady, chairman of the 1922 Committee of backbench MPs. The new prime minister is expected to be announced by 5 September.

People putting themselves forward will have to secure the backing of 20 Tory MPs. This is a higher threshold than in previous contests.

A series of votes will then be held until just two candidates remain. At that point there will be a ballot of the wider Conservative party membership to select the winner.
-Ap/BBC