Conservative Diary

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'The Tories need to forget about macroeconomics and focus on household economics'

That's the advice of Allister Heath in today's City AM:

"The Tories urgently need a new message. It should communicate the looming disaster that is about to befall ordinary consumers and savers unless radical action is taken to regain control of the public finances. It should explain that mortgage rates will go up (and by how much), that inflation will go through the roof and how a sterling and sovereign crisis would affect lives, jobs and savings, with copious illustrative examples. No claim should be too abstract; there should be clear, simple numbers. There should also be a renewed emphasis on waste and transparency; the polls show that the public knows a lot of spending is squandered. There should be absolutely firm promises that income tax won’t go up. Their inheritance tax cut policy should be brought forward to day one, helping to eliminate their new-found pro-tax image. Time is running out for the Tories: they need to forget about macroeconomics and focus on household economics instead. It is their only hope."

I absolutely agree on the 'household economics' point. On Saturday I proposed a poster that should illustrate the likely increase in mortgage costs if the deficit is left to grow:

6a00d83451b31c69e20120a93159d0970b-500wi A YouGov/ Sunday Times poll found that voters think the Tories are likelier to increase taxes and cut spending. If voters think we are deficit hawks we need to spell out the benefits of that position and of the risks of not cutting debt.

Tim Montgomerie


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