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Tories stress economic stability Tories stress economic stability
(about 1 hour 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".
Later in a speech he said taxes would not be cut if that jeopardised low inflation and interest rates. Labour and the Lib Dems said it showed he had no idea how to pay for promises made by his frontbench colleagues.
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." Mr Osborne 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."
"We will not seek to spend our way out of Britain's problems, that would simply make the problems worse in the long term.""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 lessonsPast 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. In his speech Mr Osborne said Chancellor Gordon Brown liked to take "sole credit for" low inflation and interest rates that had been a "global phenomenon" since the early 1990s.
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.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 OsborneWe 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.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.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 recognising marriage in the tax system, he said: "We think it is right to set out the values, explore the ideas that then deliver those values into practical policy commitments.
"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 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. Sums 'don't work'
But his comments were criticised by both Labour and the Liberal Democrats, who claimed other Tory frontbenchers had been going around running up long lists of promises, with no idea how they would be paid for.
Chief Secretary to the Treasury Stephen Timms said the Tories' sums "simply don't add up".
"That is why today he is laughably suggesting that Tory spending promises that he and his colleagues have made are 'values', not commitments."
For the Lib Dems, Vincent Cable said: "It has taken the weak George Osborne over a year to stand up to his shadow cabinet colleagues over the numerous spending commitments they have made. He is just not credible."
At the CBI, Mr Osborne also pledged radical tax reform, saying business tax was now among the highest and most complicated in the world.At the CBI, Mr Osborne also pledged radical tax reform, saying business tax was now among the highest and most complicated in the world.
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".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".