"We are the only party with a plan to get our economy back on track. It starts with fiscal responsibility. We have to get the deficit down. And we must also show how every tax cut or spending increase is paid for. So today, I am going to introduce a new golden economic rule. Every pound we save will be put to work. At least half will go towards cutting the deficit because living within our means is our first priority."
"And with the rest, we are going to get our economy growing again. And bring down the taxes stifling our economy. Over the next decade, Rachel Reeves is going to double the deficit with her borrowing and tax doom loop. It's not sustainable and it's not fair. It is stealing from our children and grandchildren. And Conservatives will put a stop to it."
A golden economic rule requires at least half of all savings from spending cuts to be used to reduce the deficit, with the remainder used for tax cuts and growth measures. Government borrowing rose to a five-year high in August at £83.8bn for the financial year. Planned spending cuts total £47bn across welfare, aid and the civil service. Proposed tax reversals include undoing VAT on private schools, removing inheritance tax on farms, and scrapping business rates for shops and pubs. The aim is to rebuild Conservative economic credibility by prioritising fiscal responsibility.
Read at www.theguardian.com
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