LONDON: Rishi Sunak trailing in race to become Britain’s next prime minister has vowed to slash basic rate of income tax by 20 percent by 2029 in a potentially make-or-break throw of dice by former finance minister.

Sunak once seen as favourite to replace Boris Johnson when he helped to steer economy through ravages of Covid-19 endemic has struggled against his rival, Foreign Secretary Liz Truss who has pledged immediate tax cuts.

Sunak said he remained focused on tackling inflation but once that was achieved he would follow through on an already-announced plan to take 1 pence off income tax in 2024 and then take a further 3 pence off by end of next parliament, likely around 2029. Two pledges would take income tax from 20 percent to 16 percent. Sunak said plan would mark biggest income tax cut since time of Margaret Thatcher.

Sunak told BBC Radio he would fund tax cut by growing economy and being disciplined with public spending.