ES News email The latest headlines in your inbox twice a day Monday - Friday plus breaking news updates Enter your email address Continue Please enter an email address Email address is invalid Fill out this field Email address is invalid You already have an account. Please log in Register with your social account or click here to log in I would like to receive lunchtime headlines Monday - Friday plus breaking news alerts, by email Update newsletter preferences

Boris Johnson vowed to cut income taxes for the highest earners as he led the field of 11 candidates vying for the Tory leadership.

The former foreign secretary, who is the bookmakers' favourite to succeed Theresa May, said he was drawing up plans to raise the 40p income tax threshold to £80,000 at a cost of almost £10 billion.

The higher rate of income tax currently applies on earnings over £50,000 in England and the move could benefit more than three million people.

He made the pledge on Monday, as the Tory leadership race was officially opening for nominations.

Among those standing for the leadership is Michael Gove, who insisted he was “undaunted” following criticism over his admission he used cocaine 20 years ago.

He and Jeremy Hunt, the MPs seen as Mr Johnson's most likely competitors, were due to launch their leadership bids on Monday, with Mr Johnson firmly in their sights.

Mr Gove will attempt to present himself as a “serious” alternative to Mr Johnson, while Mr Hunt has secured the backing of Cabinet minister Amber Rudd, who says he is best placed to cut a Brexit deal.

Writing in his regular Daily Telegraph column, Mr Johnson said: "We should be cutting corporation tax and other business taxes.

"We should be raising thresholds of income tax - so that we help the huge numbers that have been captured in the higher rate by fiscal drag.

"We can go for much greater economic growth - and still be the cleanest, greenest society on earth."

Under the plans someone earning £60,000 is estimated to see their tax bill fall by £1,000, the newspaper reported.

The move will cost an estimated £9.6 billion a year and will be funded from the £26.6 billion of "fiscal headroom" currently set aside by the Treasury for no-deal preparations.

It will also be partly offset by increased National Insurance contributions.

Mr Johnson, Mr Gove and Mr Hunt are joined by eight other candidates hoping to succeed Theresa May as prime minister and Conservative Party leader.

Declared Tory leadership candidates - In pictures 11 show all Declared Tory leadership candidates - In pictures 1/11 Boris Johnson AFP/Getty Images 2/11 Dominic Raab AP 3/11 Jeremy Hunt EPA 4/11 Rory Stewart Reuters 5/11 Esther McVey PA 6/11 Matt Hancock AFP/Getty Images 7/11 Andrea Leadsom AP 8/11 Michael Gove PA 9/11 Sajid Javid l Getty Images 10/11 Kit Malthouse PA 11/11 James Cleverly PA 1/11 Boris Johnson AFP/Getty Images 2/11 Dominic Raab AP 3/11 Jeremy Hunt EPA 4/11 Rory Stewart Reuters 5/11 Esther McVey PA 6/11 Matt Hancock AFP/Getty Images 7/11 Andrea Leadsom AP 8/11 Michael Gove PA 9/11 Sajid Javid l Getty Images 10/11 Kit Malthouse PA 11/11 James Cleverly PA

Health Secretary Matt Hancock and former Brexit secretary Dominic Raab are holding events to launch their campaigns on Monday.

Mr Hancock will say he offers the "fresh start" the country needs and will set out his vision to make the next decade "the soaring '20s" for the post-Brexit UK.

Mr Raab will unveil a package of proposals to develop clean energy and protect the environment - including redirecting £500 million a year from the aid budget to create an international wildlife fund to save endangered species and habitats.

"We've got to look to the future," he will say. "We've got to leave the environment in a better state than we found it."

Mark Harper and Andrea Leadsom will also launch their campaigns on Monday.

Former chief whip Mr Harper has said he wants to leave the UK with a deal but leaving without one remains an option while former leader of the House of Commons Ms Leadsom is proposing a “managed exit” rather than a renegotiation.

Meanwhile, former Work and Pensions Secretary Esther McVey has vowed to invest properly in Britain’s public services as she kicked off her leadership bid.

Home Secretary Sajid Javid picked up further support for his campaign, with ministers Caroline Nokes and Victoria Atkins backing him.

Leadership hopeful Sam Gyimah is proposing a further referendum to break the impasse over the Brexit negotiations as well as slashing stamp duty for homes under £1 million.

International Development Secretary Rory Stewart last week posted a video on Twitter where committed to launching a so-called National Citizen Service that would bring back compulsory national service for 16-year-old.

Tory MPs have until 5pm to enter the Tory leadership race, which opens at 10am on Monday.

After nominations close, all 313 Conservative MPs will vote for their preferred candidate in a series of ballots held on 13, 18, 19 and 20 June to whittle down the contenders one by one until only two are left.