Calling time on Brown's age of irresponsibility
On his excellent speech to the Conservative conference today, George Osborne set out a Conservative policy to deal with the credit crunch and end Gordon Brown's "Age of Irresponsibility."
Measures to be taken by an incoming Conservative government will include:
* Scrapping the discredited fiscal rules
* Creating a new Office for Budget Responsibility to assess independently the sustainability of the public finances and hold the Government to account
* Giving the Bank of England a far greater role in market oversight
* Creating a new Debt Responsibility Mechanism
* Introducing a new system of deposit insurance for savers for the first £50,000 of deposits, to be paid out within a week.
George stressed that the Conservative plan for a strong economy will demonstrate that “the election of a Conservative Government would herald a new age of responsibility and economic reconstruction”
The Shadow Chancellor's proposals for financial and fiscal responsibility are set out in a document entitled "Reconstruction - our plan for a strong economy" which is available on the Conservative website here.