OFFICE OF BUDGET RESPONSIBILITY HERALDS REAL COMMITMENT TO CHANGE

Wouldn't it be great if we had an Office of the Government that acts independently and is designed to keep the Chancellor of the day 'honest'?

That is why the Conservatives are creating the Office for Budget Responsibility. This Office, which will exist in 'shadow' form to begin with, so that it can start its work in readiness for an emergency budget, should the Conservatives win the General Election, will be designed to monitor a Chancellor's actions and will report to Parliament on whether the promises being made to bring the country's finances back into order are actually being carried out. The Chancellor will have to answer to Parliament for any criticisms the Office makes.

Such transparency has never been seen before and a senior economist, Sir Alan Budd, has been asked to oversee this initiative. Sir Alan is a former Chief Economist to the Treasury and former Monetary Policy Committee member of the Bank of England.

The Conservatives are pledged to take firm action on the massive debts the Labour Government has built up and to put in place economic incentives to help businesses grow so that tax revenues are boosted to tackle the deficit. We need to do this urgently as a country, as Moody's, the independent debt rating agency, has said the UK's credit rating could be under threat because the nation's borrowing and accumulated debt are becoming unsustainable.

Labour have run out of money and the country can no longer afford their spendthrift ways. It is not only Conservatives saying this but also independent bodies that can have a real effect upon this country's fortunes in the future. It is time for a change. The creation of this new Office is a start and change of economic direction is the next key step.