In a speech this week, George Osborne (Conservative Shadow Chancellor), set out how the debt-fuelled model of growth that Gordon Brown has pursued for the past decade is fundamentally broken.
The Conservative’s new economic model for growth is based on saving and investment, and a new policy framework that can ensure that private and public debt are sustainable in the future, including:
· A new system of financial regulation, with the Bank of England back in charge of controlling the overall level of debt in the economy.
· A new fiscal policy framework, with an independent Office for Budget Responsibility to ensure that public debt is sustainable.
· A supply side revolution that releases the pent up enterprise and wealth creation of our country, encourages a nation of savers, and addresses long term structural weaknesses like poor education and a welfare system that traps people in workless poverty.
Antony Little, Conservative candidate for Norwich South, argued in favour of George Osborne’s plans: “Gordon Brown’s debt is the single biggest threat to the recovery and our economic future. We have to deal with our debts to get the economy back on its feet. And we need a new economic model built on saving and investment.”
“Labour’s argument that we can afford to wait until 2011 before dealing with the deficit is complacent and puts the recovery at risk. We need to start dealing with the deficit in 2010 for three key reasons: the lack of confidence in the public finances is already undermining the recovery; if Britain loses the confidence of international markets, the result would be emergency cuts that would indeed be swingeing and savage; and real public sector reform takes time, so starting early on the deficit creates space for more targeted cuts that will protect the poorest and front line services here in Norwich and across the country.”
28th February 2010
Promoted by Michael Gillespie on behalf of Norwich Conservatives both at Norwich Conservative Campaign HQ
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