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British newspaper The Times reported Friday that former British finance minister Rishi Sunak, a candidate to succeed Prime Minister Boris Johnson, said he would put the government on “maximum alert” from “day one” in office.

In an interview with the Sunak newspaper, he said he believed Britain was facing a national emergency on five fronts, including the economy, health and immigration.

Inflation is “the first challenge we face,” Sunak told the newspaper, adding that under TRACE’s plans, interest rates in the country could rise significantly.

Sunak added that he plans to lower taxes, but only after controlling inflation, which is now 10 percent. He accused his rivals of making “fanciful” promises about tax cuts.

Treas promised tax cuts that would cost 30 billion pounds ($36.01 billion) a year.

On the other hand, his opponent, Liz Tross, has pledged to repeal all EU laws still in force in Britain by 2023 if she wins the Conservative Party leadership race.

Foreign Minister Teres is ahead of former finance minister Rishi Sunak in the race to win the votes of 200,000 Conservative Party members who will vote for the country’s new prime minister.

Britain’s relationship with Europe is a major concern for members of the Conservative Party, which is generally described as more Eurosceptic than the rest of the country.

In an attempt to capitalize on this, TRACE has pledged to repeal all remaining EU legislation in its entirety. Trass argued for a “remain” in the EU in the 2016 referendum, but is now seen as the heir to Johnson’s pro-Brexit stance.

To avoid ambiguity and confusion as Britain leaves the EU after 40 years of membership, the government has automatically incorporated thousands of EU laws and regulations into British law so that they remain in force after Brexit.

“EU regulations are hindering our business and this needs to change,” Trace said in a statement. “I will use the opportunity in Downing Street to repeal outdated EU laws and frameworks and seize the opportunities before us.”

The government has already indicated its intention to change or scrap existing EU laws, but has not set a timetable.

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