Jacob Rees-Mogg has described Rishi Sunak’s proposed cut to income tax as “fairy-tale economics”. Mr Rees-Mogg, who is supporting Sunak’s rival Liz Truss for the Conservative Party leadership, said that “the big bad wolf would be proud of this proposal.” Mr Sunak has vowed to cut the basic rate of income tax from 20 to 16 by the end of the next parliament if he becomes prime minister. Report by Jonesia.