The MP for Gillingham and Rainham has held the position since May 6, 2010, and has stated in his announcement to run that Britain needs “a fresh start”. The MP announced his leadership bid on Twitter.
He wrote to his 20 thousand followers: “I’m standing to be the next leader of the Conservative Party and your Prime Minister.
“For me it’s about aspirational conservatism, fresh ideas, fresh team for a fresh start taking our great country forward.”
Like some of his rivals, Mr Chishti has also advocated for tax cuts to help those who are struggling with the cost of living as Brits struggle with the ongoing economic crisis.
During his video announcement for the leadership bid, Mr Chishti said that it was time for “a fresh start as we move forward.”
He added: “For me it’s important to make sure that everyone who works hard, is determined, who perseveres, that they have a Government who is on their side.
“That means lower taxes, small state big society and then means ensuring that you have fresh ideas and a proven track record of coming to the table with ideas and creativity to help improve people’s lives.”
“This goes down to a fresh team with enthusiasm and a mind set for collaboration, innovation and partnership as we move forwards to deliver for our great country.”
The MP’s opponents such as Liz Truss, Sajid Javid and Penny Mordaunt have all used tax cuts as part of their bid to become leader in the hopes that it will convince members to vote for them.
The Foreign Secretary announced her bid on Sunday and pledged to “start cutting taxes from day one to take immediate action to help people deal with the cost of living.”
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It is thought that there will be a virtual studio audience and that Kay Burley will host the first show of its kind.
Head of Sky News John Ryley said: “There has never been a more important time to reinvigorate the trust of voters in the office of the Prime Minister.
“This live TV debate on Sky News gives candidates a chance to reconnect with millions by debating the major issues facing Britain.
“It presents a unique opportunity to re-engage a disillusioned electorate.”