Tory heavyweight Sajid Javid has backed likely winner Liz Truss in the race for Number 10.
Mr Javid, who had kept his cards close to his chest after his own leadership campaign came crashing down, warned that Rishi Sunak's policies would lead Britain “sleepwalking" into a high-tax, low-growth economy.
The former cabinet member - who has served as Chancellor of the Exchequer, Home Secretary, and Health Secretary - this evening said he was backing Ms Truss to be the next PM, The Times reports.
He is the latest big name within the party to voice his support for the Foreign Secretary in recent days, following Penny Mordaunt and Ben Wallace.
The announcement came an hour before Ms Truss and Mr Sunak face party members at a hustings event in Cardiff.
Writing in the Times, Mr Javid said: "Over the long term we are more likely to be fiscally sustainable by improving trend growth.
"Only by getting growth back to pre-financial crisis levels can we hope to support the high-quality public services people rightly expect. Some claim that tax cuts can only come once we have growth.
"I believe the exact opposite - tax cuts are a prerequisite for growth. Of course we need more than that, especially significant supply side reform, but tax cuts now are essential. There are no risk-free options in government.
"However, in my view, not cutting taxes carries an even greater risk."
Addressing Mr Sunak's policies he said the UK could end up "sleepwalking into a big-state, high-tax, low-growth, social democratic model which risks us becoming a middle-income economy by the 2030s".
By supporting Ms Truss, he has sided with the overwhelming favourite in the leadership race.
A ConservativeHome website poll of 1,003 activists found 58% plan to vote for Ms Truss and 26% for Mr Sunak, with the rest undecided.
A spokesman for Ms Truss’s campaign said: “Tonight’s poll shows Liz’s vision for the UK is resonating with members.
“They believe in her bold and ambitious economic plan for the country, they know she’s on the side of people who work hard and do the right thing and they trust her to deliver on the opportunities of Brexit.
“We are not complacent, and Liz will continue to hustle for every vote over the coming weeks.”