British PM candidate Sunak vows 20% income tax cut by 2029

Britain's Rishi Sunak meets Tory members at Fontwell Park Racecourse as part of his campaign to be leader of the Conservative Party and the next prime minister, in Fontwell, Britain, July 30, 2022. Joe Sene/Pool via REUTERS

LONDON (Reuters) -Rishi Sunak, trailing in the race to become Britain's next prime minister, has vowed to slash the basic rate of income tax by 20% by 2029 in a potentially make-or-break throw of the dice by the former finance minister.

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