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The other contender for Prime Minister, Rishi Sunak, is proposing to slash income tax in efforts to improve the take home pay of struggling Britons.

The former Chancellor has set out to reduce the basic rate of income tax by 4p, from 20p in the pound to 16p, the largest reduction in 30 years.

The state pension is set to go up to more than £200 a week from next April, with the triple lock policy set to be reintroduced.

This policy guarantees that the state pension increases each year by at least 2.5 percent, or in line with average earnings or the rate of inflation.