On 10 July 2022, Truss announced her intention to run in the Conservative Party leadership election to replace Boris Johnson. She pledged to cut taxes on day one if elected, and said she would “fight the election as a Conservative and govern as a Conservative”, adding that she would also take “immediate action to help people deal with the cost of living”. She said she would cancel a planned rise in corporation tax and reverse the recent increase in National Insurance rates, funded by delaying the date by which the national debt is planned to fall, as part of a “long-term plan to bring down the size of the state and the tax burden”.