What have Johnson and Hunt promised on taxes and spending and where would the money come from?

Chancellor’s £26.6bn ‘fiscal headroom’ available only if there is a Brexit deal and, even then, only for a year

Both contenders for the top job have said they are willing to leave the EU without a formal agreement (AFP/Getty)

Tax and spending pledges from Boris Johnson and Jeremy Hunt have been coming thick and fast as they vie for the attention of the Tory membership, who will anoint one of them as Britain’s next prime minister in three weeks’ time.

However, while they have been quick to announce headline-grabbing reforms, they have been rather less forthcoming on how the cash will be found to fund them once they are installed in Downing Street.

Johnson, the frontrunner to replace Theresa May, was first out of the blocks with a promise to raise the threshold at which the higher rate of income tax kicks in from £50,000 to £80,000 – a move widely criticised as handing more money to the better-off.