After the last couple of days, in which CCHQ have done their best to to muddy the waters when it comes to Conservative economy policy, George Osborne today got onto the front foot.
The Shadow Chancellor has published eight benchmarks that he want the general public to judge him and his team by, if they win power on May 6.
Describing his benchmarks as the foundation of a ‘new economic model for Britain’ they will create the growth needed. In a nod to the important role the City has in generating growth and keeping the economy moving he said that sustained growth will not be achieved if policy centers around trashing the competitiveness of the City.
Mr Osborne’s the benchmarks are designed so that the British people “can judge the success or failure of their Chancellor and their government over the next Parliament. We will be accountable.” They are:
Ensure macroeconimic stability by protecting Britain’s credit rating.
Create a more balanced economy – ensuring higher exports, business investment and saving as a share of GDP
Get Britain working by reducing youth unemployment
Make Britain open for business by improving our international ranking on tax competitiveness
Ensure the whole country shares in rising prosperity – by raising the private sector’s share of the economy in all regions of the country, especially outside London and the South East.
Reform public services to deliver better value-for-money by improving productivity in the public sector
Create a safer banking system that serves the needs of the economy
Build a greener economy by reducing carbon emissions and improving our share of green technologies
Speaking at the British Museum he also said that preventing credit rating agencies downgrading the UK would be a priority for a Conservative government.
“Protecting the credit rating will not be easy. The largest bond investor in the world thinks there is an 80% chance of a downgrade. The reputational consequence of a downgrade would be pretty considerable. We don’t want to play with fire by getting downgraded.”
