The Conservatives will commit to a new economic “golden rule” designed to cut government borrowing and taxes, party leader Kemi Badenoch will say in her keynote speech to the party’s conference.The party says the rule would ensure half of all savings made by a future Conservative government would be put towards reducing the deficit, which is the gap between spending and tax revenues.The other half of every pound saved would be used for policies aimed at growing the economy, including tax cuts.Badenoch will say the Conservatives are the only party “with a plan to get our economy back on track”.”It starts with fiscal responsibility,” Badenoch will say. “We have to get the deficit down and we must also show how every tax cut or spending increase is paid for.”She will accuse the Labour government of risking the UK’s financial stability with a “borrowing and tax doom loop”.Badenoch will say Labour’s economic plans are “not sustainable” and equate government borrowing to “stealing from our children and grandchildren”.At the conference, her party has pledged to save £47bn a year from cuts to welfare, the civil service and foreign aid, if it gets back into government.It has also made £9bn worth of spending commitments on policies including a £5,000 tax rebate for young people and abolishing business rates for High Street shops.Badenoch will attempt to rebuild the party’s credibility on the economy and further distance herself from former Tory Prime Minister Liz Truss, whose t …
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[mwai_chat context=”Let’s have a discussion about this article:nnThe Conservatives will commit to a new economic “golden rule” designed to cut government borrowing and taxes, party leader Kemi Badenoch will say in her keynote speech to the party’s conference.The party says the rule would ensure half of all savings made by a future Conservative government would be put towards reducing the deficit, which is the gap between spending and tax revenues.The other half of every pound saved would be used for policies aimed at growing the economy, including tax cuts.Badenoch will say the Conservatives are the only party “with a plan to get our economy back on track”.”It starts with fiscal responsibility,” Badenoch will say. “We have to get the deficit down and we must also show how every tax cut or spending increase is paid for.”She will accuse the Labour government of risking the UK’s financial stability with a “borrowing and tax doom loop”.Badenoch will say Labour’s economic plans are “not sustainable” and equate government borrowing to “stealing from our children and grandchildren”.At the conference, her party has pledged to save £47bn a year from cuts to welfare, the civil service and foreign aid, if it gets back into government.It has also made £9bn worth of spending commitments on policies including a £5,000 tax rebate for young people and abolishing business rates for High Street shops.Badenoch will attempt to rebuild the party’s credibility on the economy and further distance herself from former Tory Prime Minister Liz Truss, whose t …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
