Conservative Diary

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George Osborne sets out eight benchmarks for economic growth

They are:

"1)    Ensure macroeconomic stability
We will safeguard Britain’s credit rating with a credible plan to eliminate a large part of the structural deficit over a Parliament. Our fiscal policy will seek to help keep interest rates lower for longer. The independent Bank of England will continue to target 2% CPI inflation and will use its new role in prudential supervision to preserve financial stability.

2)    Create a more balanced economy
We will create the conditions for higher exports, business investment and saving as a share of GDP.

3)    Get Britain working
We will reduce youth unemployment and reduce the number of children in workless households as a key part of our strategy for tackling poverty and inequality.

4)    Make Britain open for business
We will improve Britain’s international rankings for tax competitiveness and business regulation.

5)    Ensure the whole country shares in rising prosperity
We will raise the private sector’s share of the economy in all regions of the country, especially outside London and the South East.

6)    Reform public services to deliver better value for money
We will raise productivity growth in the public sector in order to deliver better schools and a better NHS despite a tight spending environment.

7)    Create a safer banking system that serves the needs of the economy
We will reform the regulation and structure of the banking system to ensure lower levels of leverage, less dependence on unstable wholesale funding and greater availability of credit for small and medium sized businesses.

8)    Build a greener economy
We will reduce UK greenhouse gas emissions and increase our share of global markets for low carbon technologies."

Read the full background document here.

Tim Montgomerie


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