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Former health secretaries Sajid Javid and Jeremy Hunt have both pledged to slash corporation tax as they announced separate bids for the Tory leadership.

They join several other high-profile Tories launching their plans to become leader, including newly-appointed chancellor Nadhim Zahawi and his predecessor Rishi Sunak.

Transport Secretary Grant Shapps also joined the leadership race earlier today.

Mr Hunt and Mr Javid have declared their plans to run as leader in the Sunday Telegraph.

Jeremy Hunt has announced his intention to run for Tory leader ( via REUTERS)

They are both calling for tax cuts, with Mr Javid, who resigned as health secretary earlier this week, looking to scrap the rise in National Insurance, the BBC reports.

Mr Hunt, meanwhile, wants to help businesses.

In separate interviews with the Sunday Telegraph, both Mr Javid and Mr Hunt say they will cancel Rishi Sunak’s planned rise in corporation tax and reduce the 25 per cent rate to 15 per cent instead.

Mr Javid would also cut corporation tax by 1p per year to reach 15p, while Mr Hunt has pledged to immediately slashed the 19p rate to 15p in an autumn Budget.

Boris Johnson intends to remain in office until his successor is elected ( Anadolu Agency via Getty Images)

Mr Javid was elected Conservative MP for Bromsgrove, Worcestershire, in 2010. He was health secretary from June 2021 up until this Tuesday when he resigned from the post.

In his resignation letter, Mr Javid said he could no longer, continue serving the government in “good confidence”.

Meanwhile, Mr Hunt was elected Conservative MP for South West Surrey in May 2005.

He served as health secretary from January 2018 to July 2018 and was first appointed the position in September 2012.

Earlier today, newly-appointed chancellor Nadhim Zahawi threw his hat into the ring to become the next Tory leader.

Chancellor Nadhim Zahawi has thrown his hat into the ring to become the next Tory leader ( REUTERS)

The former education secretary and vaccines minister joins his predecessor Rishi Sunak in running for the job, as well as Grant Shapps.

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.

Mr Shapps, Mr Sunak, and attorney general Suella Braverman, ex-minister Kemi Badenoch and senior Tory Tom Tugendhat have all launched their own leadership bids, with further announcements anticipated over the coming days.

Foreign Secretary Liz Truss is widely expected to stand and to confirm her leadership run on Monday, while other potential front-runners include trade minister Penny Mordaunt.

Former minister Steve Baker has thrown his support behind Ms Braverman’s bid, despite previously saying he was seriously considering putting himself forward for the top job.

Attorney General Suella Braverman is eyeing up the leadership role ( Anadolu Agency via Getty Images)

Tory MP and newly-appointed minister Rehman Chishti also confirmed on Saturday he is “actively considering” running for the post.

As candidates have started to make their move, Tory MP Sir Charles Walker said it is incumbent on those running for leader that they “don’t knock lumps out of each other”.

Following elections to the executive of the backbench 1922 Committee on Monday, the new body will draw up a timetable for the leadership election.

It had been claimed by Mr Johnson’s ex lover, Petronella Wyatt, that he’ll stand to be the next party leader but this was quickly rubbished as it would be against Tory party rules.

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