Talk of socialism adds spice to abrasive UK leaders’ debate

Bloomberg

Clear dividing lines over the economy emerged as the UK’s leadership race turned personal in the second of three debates to determine who will succeed Boris Johnson as prime minister.
Front-runner and former Chancellor Rishi Sunak accused Foreign Secretary Liz Truss and former Defence Secretary Penny Mordaunt, his two closest rivals, of “socialism” as he attacked their plans to cut taxes and borrow more.
In a series of hostile exchanges broadcast live on ITV, Sunak was in turn accused of “choking off growth” by raising the UK tax burden to its highest level in 70 years and turning a blind eye to £17 billion of fraud in his Covid loan program.
In the most abrasive debate yet, the five remaining candidates, tussling for control of the ruling Conservative Party, repeatedly clashed over policy, with the Bank of England dragged into the debate over its poor recent record on inflation.
Conservative MPs vote to eliminate one candidate on Monday afternoon before a final televised leadership debate on Tuesday. The final two candidates will be decided by a vote of MPs on July 21.
They will then have six weeks to argue their case before grassroot Tory members, who vote for a new leader in early September. The race was triggered by Johnson’s resignation after more than 50 ministers quit over questions about his honesty. When asked, none of the five candidates said they would have Johnson in their cabinet should they win.
Truss, who is in third place currently but would beat all other candidates in the final run-off according to a Conservative Home poll of 845 Tory party members conducted over the weekend, came out fighting with a strong defense of plans for roughly £34 billion of tax cuts, paid for with higher borrowing.