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Tories stress economic stability Tories stress economic stability
(about 5 hours later)
The Conservatives will not get into a public spending race with Labour and will not pledge tax cuts they cannot afford, George Osborne says.The Conservatives will not get into a public spending race with Labour and will not pledge tax cuts they cannot afford, George Osborne says.
He told the BBC people "are now looking at us as an alternative government".He told the BBC people "are now looking at us as an alternative government".
But the shadow chancellor said the Tories must show they are "disciplined and responsible with public money and we can ensure economic stability".But the shadow chancellor said the Tories must show they are "disciplined and responsible with public money and we can ensure economic stability".
Policies like a border police force and marriage tax breaks were "values" whose full details had yet to be worked out. Later in a speech he said taxes would not be cut if that jeopardised low inflation and interest rates.
Money tests He told business bosses' organisation the CBI: "The Conservative Party has no commitments to spend more money in any department than Labour is currently planning to spend."
Ahead of a speech to business bosses' organisation the CBI, he said all policy ideas due to be put forward in the next few months would have to pass "sound money tests", to make such they were affordable and would not damage public finances. "We will not seek to spend our way out of Britain's problems, that would simply make the problems worse in the long term."
Past lessons
Chancellor Gordon Brown has previously accused the Conservatives of failing to learn "the lessons of the past" by risking economic stability through unfunded promises.
But in his speech Mr Osborne said the chancellor liked to take "sole credit for" low global inflation and interest rates that had been a "global phenomenon" since the early 1990s.
Outlining what he called his "sound money tests", which every Tory policy would have to meet, Mr Osborne said the Conservatives would not cut taxes if it put low interest rates and inflation at risk.
We need to always make sure that the public finances are secure economic stability is not jeopardised and people can trust us with government George Osborne
He said, when the country could afford it, it would move "in the direction of lower taxes" and share the proceeds of economic growth between taxes and public services.
And he said no policy proposals would become concrete until they were approved by himself and party leader David Cameron, passed by the shadow cabinet and appeared in the party's draft manifesto.
Asked what this meant for policy initiatives that have already been put forward - such as a new border force and building more prisons, he said: "We think it is right to set out the values, explore the ideas that then deliver those values into practical policy commitments.Asked what this meant for policy initiatives that have already been put forward - such as a new border force and building more prisons, he said: "We think it is right to set out the values, explore the ideas that then deliver those values into practical policy commitments.
The Conservative Party will never win elections by promising to spend more than Labour George Osborne
"But [we need to] always make sure that the public finances are secure economic stability is not jeopardised and people can trust us with government.""But [we need to] always make sure that the public finances are secure economic stability is not jeopardised and people can trust us with government."
Mr Osborne said they had made a "commitment to recognise marriage", and were looking at how best to do that - possibly through a transferable tax allowance. Mr Osborne told the BBC that they had made a "commitment to recognise marriage", and were looking at how best to do that - possibly through a transferable tax allowance.
Unfunded promises At the CBI, Mr Osborne also pledged radical tax reform, saying business tax was now among the highest and most complicated in the world.
Chancellor Gordon Brown has previously accused the Conservatives of failing to learn "the lessons of the past" by risking economic stability through unfunded promises. And he reiterated Tory support for more green taxes, as part of a longer term effort to "rebalance the tax system away from taxes on jobs and investment".
But in his speech Mr Osborne will set out three "sound money tests" which all party policies must pass; economic stability, sharing the proceeds of growth, and a "manifesto test" through which all commitments are first cleared by the shadow cabinet.
He will tell the CBI: "Both David Cameron and I believe that the Conservative Party will never win elections by promising to spend more than Labour.
"And we will never persuade people that we have better long term solutions to issues like our national defence or our public services if those solutions simply involve spending more money."
He will say any specific tax proposals - such as recognising marriage, will be paid for by tax increases on things like pollution.
"No promises that we know we won't have to deliver. No simple solutions to complex problems. And no pledges to fund every worthy cause or slash every unpopular tax," he will say.