British Foreign Secretary Liz Truss has announced her bid for leadership of the Tory party, pledging to reverse the national insurance hike and "keep corporation tax competitive".
The senior Cabinet minister, who is widely expected to be a front-runner in the already crowded race, promised to "start cutting taxes from day one" to help with the cost of living.
She became the 10th candidate to launch their campaign, following an announcement from trade minister Penny Mordaunt earlier today.
Other contenders include former health secretaries Sajid Javid and Jeremy Hunt, ex-chancellor Rishi Sunak, his successor Nadhim Zahawi, and Transport Secretary Grant Shapps.
"I am putting myself forward because I can lead, deliver and make the tough decisions. I have a clear vision of where we need to be, and the experience and resolve to get us there," she wrote in the Telegraph.
"Under my leadership, I would start cutting taxes from day one to take immediate action to help people deal with the cost of living," she added.
"In the face of EU obstinacy, I have driven forward legislation to break the impasse in Northern Ireland and take the vital steps necessary to protect the Belfast (Good Friday) Agreement and solve the serious problems the Protocol is causing," Ms Truss wrote.
Ms Truss's pledge to scrap the national insurance rise, which came into effect in April, mirrors that of rival Mr Javid.
It marks a departure from her defence of the policy as a minister in Boris Johnson's Cabinet, prior to his resignation, when she was bound by collective responsibility to support the move publicly.
The levy was introduced to raise funds for the NHS and social care, but has proved controversial at a time when households are feeling the squeeze from soaring food and energy bills.
Newly appointed Foreign Office minister Rehman Chishti also announced he is running to be the next Tory leader.
Mr Chishti, the MP for Gillingham and Rainham, tweeted: "I'm standing to be the next leader of the Conservative Party and your prime minister.
"For me it's about aspirational conservatism, fresh ideas, fresh team for a fresh start taking our great country forward."
Candidates rule out Scottish independence vote
Earlier, two of the candidate said there should not be another vote on Scottish independence for at least another decade.
Former health secretaries Mr Hunt and Mr Javid both said it should be at least 10 years before another referendum is held.
The move flies in the face of the Scottish Government timetable that would see Scots head to the polls on the issue next October.
Scottish First Minister Nicola Sturgeon said last month another vote would be held on 19 October 2023.
Scotland's top law officer has referred a Bill to the UK Supreme Court in a bid to ensure any attempt by the Scottish Parliament to legislate for a referendum was within its powers.
When asked on the BBC's Sunday Morning programme if he would allow another referendum, Mr Hunt said: "Not in the next 10 years."
Mr Javid, responding to the same question in a later interview, said: "The last one was for a generation and the generation hasn't changed, so no.
"Not forever, but not at least for a decade."
So far nine Tories have put themselves forward to replace Mr Johnson, just days after a collapse in party support forced his resignation.
Both Mr Hunt and Mr Javid have pledged to slash corporation tax as they announced separate bids for the Tory leadership.
It comes after two serving Cabinet ministers, Chancellor Nadhim Zahawi and Transport Secretary Grant Shapps, revealed their intention to run for the top job in the space of an hour.
Declaring their candidacies in The Telegraph, Mr Hunt and Mr Javid both said they would not only scrap the former chancellor's plans to raise corporation tax from 19% to 25% in April, but reduce the rate to 15%.
Mr Hunt also attempted to differentiate himself from the crowded field with a pitch based on his decision to stay on the backbench while Mr Johnson was at the helm of the government.
Mr Zahawi, Rishi Sunak's successor, had said earlier this week that "everything is on the table" when questioned over the tax rise.
The leadership contenders' timescales for the change are different, with Mr Hunt slashing the tax to 15% in his first autumn Budget, while Mr Javid would set a "glide path".
Mr Javid also said he would scrap the government's controversial national insurance hike, bring forward the planned 1% income tax cut to next year, and introduce a further "significant" temporary reduction on fuel duty.
The pair spelled out their economic plans in separate interviews with the newspaper.
In addition to cutting corporation tax, Mr Hunt said he would remove business rates for five years for the communities most in need.
Most of those areas are in the so-called "Red Wall" of traditional Labour heartlands, the newspaper said, with a quarter of locations in England and Wales in line for the tax break.
Scotland and Northern Ireland would get money to match the policy.
"What matters is wealth creation, which means that people don't feel that they need to leave a Bolton or a Bolsover because they can get better jobs in Manchester or London. They can actually stay there," Mr Hunt said.
"That means helping them have opportunities at home that makes talented people want to stay, not go."
Meanwhile, he pledged to continue pushing legislation to overwrite parts of the Northern Ireland Protocol through Parliament.
Mr Javid said his plan for the economy would cover both short-term measures - including a new package of support worth up to £5 billion to help with energy bills - and a "longer-term" vision for tax reform.
He said: "The government can't prevent the impact of high price rises on everyone. You can't mitigate everything.
"The long way out of this, the better way, is to turbo growth. I've always believed in free markets, in low taxation, in light regulation, as the conditions that are necessary for growth.
"It was true 20 to 30 years ago, it was true under Margaret Thatcher, and it's true now, because it's how economies grow and how they work."
Earlier, Defence Secretary Ben Wallace said that after "careful consideration" and discussion with colleagues and family, he would not stand to be party leader and the next prime minister.
In addition to Mr Hunt, Mr Javid, Mr Zahawi, Mr Shapps and Mr Sunak, Attorney General Suella Braverman, ex-minister Kemi Badenoch, trade minister Penny Mordaunt and senior Tory Tom Tugendhat have launched their own bids.
It was reported yesterday that Boris Johnson intends to stand down as Prime Minister on Monday in order to run again for Tory leader.
This suggestion was knocked down by a spokesperson for Mr Johnson as completely untrue.
Tory MP Mark Francois has said he believes at least 12 people will put their names forward.
He told GB News: "It looks like this is going to be the Grand National but without the fences, so we are probably heading for at least a dozen candidates at the moment."
Launching his campaign, Mr Zahawi pledged to lower taxes for individuals, families and business, boost defence spending, and continue with education reforms that he started in his previous role.
Mr Shapps said he wants to rebuild the economy so it is the biggest in Europe by 2050, and address the cost-of-living crisis.
Ms Badenoch announced a plan for a smaller state and a government "focused on the essentials".
Mr Sunak launched his leadership bid with the message: "Let's restore trust, rebuild the economy and reunite the country."
Former minister Steve Baker has thrown his support behind Ms Braverman's campaign, despite previously saying he was seriously considering putting himself forward for the top job.
As candidates have started to make their move, Tory MP Charles Walker said it is incumbent on those running for leader that they "don't knock lumps out of each other".
