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| Version 1 | Version 2 |
|---|---|
| Tories plan new financial rules | Tories plan new financial rules |
| (about 2 hours later) | |
| The Conservatives want to scrap the existing rules on government borrowing and set up an independent organisation to monitor public spending and debt. | The Conservatives want to scrap the existing rules on government borrowing and set up an independent organisation to monitor public spending and debt. |
| Arriving for the Tories' conference in Birmingham, party leader David Cameron said he would also give more powers to the Bank of England. | Arriving for the Tories' conference in Birmingham, party leader David Cameron said he would also give more powers to the Bank of England. |
| The aim would be to prevent financial institutions taking on too much debt. | The aim would be to prevent financial institutions taking on too much debt. |
| Meanwhile, a Sunday Telegraph poll suggests the Tory lead over Labour has been halved over the past month. | Meanwhile, a Sunday Telegraph poll suggests the Tory lead over Labour has been halved over the past month. |
| Shadow chancellor George Osborne will announce on Monday that as part of an economic package the Conservatives would scrap existing fiscal rules which they say have been discredited by Labour. | Shadow chancellor George Osborne will announce on Monday that as part of an economic package the Conservatives would scrap existing fiscal rules which they say have been discredited by Labour. |
| In the short term we should legislate to show we are going to protect deposits and savings David Cameron Gearing up for conference | |
| The Tories would set up an independent organisation, the Office of Budget Responsibility, that would act as a watchdog on all public spending and borrowing. | The Tories would set up an independent organisation, the Office of Budget Responsibility, that would act as a watchdog on all public spending and borrowing. |
| It would produce the country's economic forecasts, instead of the Chancellor on Budget Day, and a full audit of all of the nation's borrowing. | It would produce the country's economic forecasts, instead of the Chancellor on Budget Day, and a full audit of all of the nation's borrowing. |
| BBC News political correspondent Laura Kuenssberg in Birmingham says the body would not have any powers to force the government to act in a particular way. | BBC News political correspondent Laura Kuenssberg in Birmingham says the body would not have any powers to force the government to act in a particular way. |
| But it would be able to embarrass it politically, as assessments of the chancellor would be public. | But it would be able to embarrass it politically, as assessments of the chancellor would be public. |
| Latest poll | Latest poll |
| The Conservative Party aim is to prevent a repeat of the problems that have affected Northern Rock and the Bradford & Bingley banks. | The Conservative Party aim is to prevent a repeat of the problems that have affected Northern Rock and the Bradford & Bingley banks. |
| Mr Cameron said: "In the short term we should legislate to show we are going to protect deposits and savings. | Mr Cameron said: "In the short term we should legislate to show we are going to protect deposits and savings. |
| "We also need to give the Bank of England more powers to step in and save failing institutions." | "We also need to give the Bank of England more powers to step in and save failing institutions." |
| He added: "At a time of economic difficulty it's particularly important that we are here setting out that there is an alternative." | He added: "At a time of economic difficulty it's particularly important that we are here setting out that there is an alternative." |
| The Sunday Telegraph survey of 2,020 people puts the Tories on 43%, with Labour on 31% and the Liberal Democrats on 17%. The Conservatives had a 23% lead over Labour in August. | The Sunday Telegraph survey of 2,020 people puts the Tories on 43%, with Labour on 31% and the Liberal Democrats on 17%. The Conservatives had a 23% lead over Labour in August. |
| The Tory conference will open on Sunday with a discussion on the economy involving Mr Osborne and shadow foreign secretary William Hague. Mr Cameron's speech closes the conference on Wednesday. | The Tory conference will open on Sunday with a discussion on the economy involving Mr Osborne and shadow foreign secretary William Hague. Mr Cameron's speech closes the conference on Wednesday. |