Conservative former British Finance Minister Rishi Sunak described himself Saturday as the underdog in the premiership race.

"Be in no doubt, I am the underdog," Sunak expressed in a speech in the central England town of Grantham.

"The forces that be want this to be a coronation for the other candidate, but I think members want a choice and they are prepared to listen," he added.

Careful management of economy before tax cuts

Sunak's resignation as minister this month helped to topple outgoing leader Boris Johnson after months of scandals, including "Partygate".

He and his rival, former Foreign Secretary Liz Truss, now take their case to Conservative party members, who will decide the new leader and prime minister after a series of nationwide hustings in August. The result will be announced on September 5. 

In his speech, Sunak promised careful management of the economy before imposing tax cuts.

Sunak questioned Truss' immediate tax cuts proposal, at a time of soaring inflation, describing the former Foreign Secretary's pledge to increase defense spending to 3% of GDP by 2030 as "arbitrary".

Putting the UK on a "crisis footing"

On Friday, the Former British Finance Minister promised to he would put the UK on a "crisis footing" in case he was elected the next Prime Minister.

Meanwhile, Truss has pledged to review all EU laws retained after Brexit by the end of next year in a "red tape bonfire" if she is elected, and to repeal or replace those deemed to impede UK growth.

Truss argues that tax cuts are needed to stimulate growth.

"It is wrong to take money from people that we don't need to take when people across the country are struggling with the cost of living crisis," Truss told reporters in Kent, after meeting party members.

It is noteworthy that in a YouGov poll of Conservative Party members published on Thursday, Truss leads the race with a 24-point lead over Sunak.