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Philip Hammond will rebuke Tory leadership candidates who are promising widespread tax cuts as he says “reckless” solutions by “populists” are not the right way forward.

Sajid Javid has become the latest prime ministerial hopeful to say tax cuts should be a “priority” for any Conservative government, after Dominic Raab said he would slash the starting rate of income tax from 20 to 15 per cent.

Esther McVey and Jeremy Hunt have also promised tax cuts if they succeed Theresa May, but Mr Hammond will give them all short shrift with a speech on Thursday arguing against total liberalisation of the economy.

Speaking in London at the launch of a report by living standards think tank the Resolution Foundation...

Philip Hammond will rebuke Tory leadership candidates who are promising widespread tax cuts as he says “reckless” solutions by “populists” are not the right way forward.

Sajid Javid has become the latest prime ministerial hopeful to say tax cuts should be a “priority” for any Conservative government, after Dominic Raab said he would slash the starting rate of income tax from 20 to 15 per cent.

Esther McVey and Jeremy Hunt have also promised tax cuts if they succeed Theresa May, but Mr Hammond will give them all short shrift with a speech on Thursday arguing against total liberalisation of the economy.

Speaking in London at the launch of a report by living standards think tank the Resolution Foundation...