THE race to replace Boris Johnson has intensified overnight with eight candidates now vying for the Tory leadership.

Last night Jeremy Hunt, Sajid Javid, Chancellor Nadhim Zahawi and Transport Secretary Grant Shapps, all launched their campaigns. 

Kemi Badenoch, Tom Tugenhadt, Rishi Sunak and Suella Braverman have also thrown their hats into the ring. 

Foreign Secretary Liz Truss is expected to announce her campaign imminently. Today's Mail on Sunday reported that she will seek to advocate “classic Conservative principles."

Earlier, Defence Secretary Ben Wallace said that after “careful consideration” and discussion with colleagues and family, he would not stand to be party leader and the next prime minister.

Declaring their candidacies in The Telegraph, Mr Hunt and Mr Javid both said they would not only scrap the former chancellor’s plans to raise corporation tax from 19 per cent to 25% in April, but reduce the rate to 15%.

The leadership contenders’ timescales for the change are different, with Mr Hunt slashing the tax to 15p in his first autumn Budget, while Mr Javid would set a “glide path”.

Mr Javid also said he would scrap the Government’s controversial national insurance hike, bring forward the planned 1p income tax cut to next year, and introduce a further “significant” temporary reduction on fuel duty.

In addition to cutting corporation tax, Mr Hunt said he would remove business rates for five years for the communities most in need.

“What matters is wealth creation, which means that people don’t feel that they need to leave a Bolton or a Bolsover because they can get better jobs in Manchester or London. They can actually stay there,” Mr Hunt said.

“That means helping them have opportunities at home that makes talented people want to stay, not go.”

Mr Javid said his plan for the economy would cover both short-term measures – including a new package of support worth up to £5 billion to help with energy bills – and a “longer-term” vision for tax reform.

He said: “The Government can’t prevent the impact of high price rises on everyone. You can’t mitigate everything.

“The long way out of this, the better way, is to turbo growth. I’ve always believed in free markets, in low taxation, in light regulation, as the conditions that are necessary for growth.

“It was true 20 to 30 years ago, it was true under Margaret Thatcher, and it’s true now, because it’s how economies grow and how they work.”

Another potential front-runner is trade minister Penny Mordaunt.

She heavily suggested she will throw her hat in the ring, sharing an article on Saturday night from Dr Gerard Lyons, Mr Johnson’s former chief economic adviser as London mayor, which states she would make a “great prime minister”.

It was reported on Saturday that Mr Johnson intends to stand down as Prime Minister on Monday in order to run again for Tory leader.

But this suggestion was knocked down by a spokesperson for Mr Johnson as completely untrue.