Public spending freeze would save £345bn

BBC News reports on Liam Fox's speech at the IEA

The former Conservative cabinet minister Liam Fox has called for a "systematic dismantling" of universal benefits with the savings used to provide tax cuts.

Dr Fox, in a speech to the free market think tank, the Institute of Economic Affairs, suggested that there should be a public sector spending freeze for five years, which would, he says, save £345bn.

The former defence secretary said that capital gains tax should be reduced to zero for three to five years.

He also called for means testing of winter fuel allowance and other benefits enjoyed by pensioners, whose personal wealth, he said, meant benefits were unnecessary.

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