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Article: Brown's fiscal rules would go in overhaul of financial system; TORIES.(News)
- Article from:
- The Birmingham Post (England)
- Article date:
- September 29, 2008
CopyrightCOPYRIGHT 2008 Birmingham Post & Mail Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: By Andrew Woodcock
A Conservative administration would scrap Gordon Brown's fiscal rules and establish an independent Office for Budget Responsibility, David Cameron said yesterday.
It would stop governments running up excessive debts while giving the Bank of England new powers to rein in reckless lending by banks, he said.
The rules, which require the Government to balance the books over the economic cycle and keep state borrowing below 40 per cent of national income, have formed the cornerstone of Mr Brown's economic policy both as ...