Yesterday, members of the influential Free Enterprise Group of Conservative MPs said that the Chancellor needed to cut both spending and taxes in order to set Britain on the road to recovery.
They called for fresh cuts to benefits and an end to the Treasury ‘ring-fence’ on spending that protects the NHS, foreign aid and benefits for pensioners from the axe.
Rising Tory star Kwasi Kwarteng, speaking at a Westminster seminar run by the Institute of Economic Affairs, said it was ‘mind-boggling’ that almost three years after the General Election the Government was still borrowing £120billion a year in order to maintain public spending levels.
"Unfortunately we have not seen massive spending reductions in Britain," he said. "We have got to address this. If we don’t, we’ll have another Government that will probably not address it and we’ll end up being a basket case."
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