Jacob Rees-Mogg has called for stamp duty to be cut

Emma Haslett
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Jacob Rees-Mogg And Nigel Farage Speak Out Against The European Arrest Warrant
Jacob Rees-Mogg has been tipped to be the next Tory leader (Source: Getty)

Jacob Rees-Mogg has denied rumours he is planning to run as Conservative Party leader - but added that if he was, the Tories would scrap stamp duty "as a matter of urgency".

Yesterday The Sunday Times reported that Rees-Mogg, a prominent Leave supporter, has floated the idea of a bid to become Tory leader with friends.

But in an op-ed for the Telegraph this morning, Rees-Mogg said: "I neither am a candidate [for Conservative Party leader], nor wish to be one. I want to be the servant of the Conservative Party, not its master".

Read more: Jacob Rees-Mogg is second favourite to replace Theresa May as Tory leader

Move to low taxation

But he added the Conservatives must move to a policy of "low taxation... in terms of ownership".

"The recent cuts in corporation tax, one of George Osborne’s most successful policies, has more than doubled the tax received by the government," he wrote.

"This has helped businesses afford to invest and employ people leading to a stronger economy and allowing the Government more easily to finance its expenditure. This example ought to be applied to income tax and, as a matter of urgency, to stamp duty."

Read more: Here's who's favourite to replace Theresa May - according to Tories

"Nanny knows best"

He also pointed to the government's U-turn on its support of diesel as a case where the free market knew best all along.

"It was the 'Nanny knows best' approach that led to the scandal over diesel emissions. To risk public health today, for a carbon dioxide policy made irrelevant by emerging markets was the worst sort of political grandstanding," he said.

"Conservatives ought to back the free market, but that is not the same as big business.

"We must tackle monopolies. Big business loves regulation – and incidentally the European Union – because it keeps out competition, maintains high prices and reduces the power of the individual consumer. The role of the state here is to back the customer, not the producer."

Rees-Mogg has enjoyed a surge in popularity in recent months, partly thanks to his speedy ascent on social media: he has almost 42,000 followers on Instagram, and on his Twitter account, which was launched just under a month ago, he has racked up just over 46,000 followers.

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