Boris Johnson pledges to cut income tax for high earners

Boris Johnson has pledged to cut income tax bills for people earning more than £50,000 a year if he wins the race to succeed Theresa May as prime minister.

Former foreign minister Johnson is the bookmakers’ clear favourite and, according to polls, the most popular with the 160,000 party members who will ultimately decide the next leader.

His pledge to raise the point at which workers begin paying a 40 percent income tax to 80,000 pounds ($101,824) from 50,000 pounds led the media headlines on Monday.

The move would cost 9.6 billion pounds ($12.2 billion)annually and be partly funded by using money set aside in the current budget to deal with the consequences of Brexit, the Daily Telegraph reported.

Johnson, who has also suggested that Britain could withhold a previously agreed 39 billion pound ($50 billion) Brexit payment, is one of a number of candidates who has stated that Britain would leave the European Union with or without a deal on the current date of Oct. 31.

May stepped down as leader of the ruling Conservative Party on Friday having failed three times to get parliament to support her European Union divorce deal.

Tory MPs have until 17:00 BST to enter the race to become party leader and PM.

Johnson's promise comes as Work and Pensions Secretary Amber Rudd said she believed Jeremy Hunt should be prime minister.

Conservative MPs who want to replace May must have the backing of eight other party colleagues to officially enter the contest.

But Michael Gove, one of 11 to have said they plan to run, has faced calls to drop out of the race after he admitted using cocaine several times more than 20 years ago.

Gove apologised for what he said was a mistake but critics accused him of hypocrisy, pointing out that he had signed off on rules to ban teachers for life for taking cocaine in a previous role as education minister.

While the Conservative leadership battle unfolds, May remains as prime minister, with her replacement due to be in place by the end of July.