Tory backbencher Kwasi Kwarteng, speaking at an event organised by the Institute of Economic Affairs think-tank, floated the idea of tax breaks for new business start-ups. "If you look at what is happening in America, they are actually cutting spending in a very hands-on, engaged way.
"They do what it takes. Unfortunately, we have not seen massive spending reductions in Britain," he said.
Mr Kwarteng wants to see foreign aid spending slashed by one-third and floated measures such as £1bn of tax breaks for new business start-ups.
Read the full article here.