THE Tories will pay down the bulk of Britain’s yawning budget deficit with spending cuts – not tax rises.
Shadow chief secretary to the Treasury Philip Hammond also said that the party would make deeper cuts than Labour in a bid to pay down the budget deficit more quickly.
“Clearly we’ve said we will go further and faster, that implies that we will cut [the deficit] by more than 50 per cent,” he said, adding that the party would complete the reduction by the end of the next parliament which must end in 2015.
But he admitted that the cuts announced by the Tory party so far would barely make a dent in the deficit.
“We said from the beginning these were examples of the kinds of cuts... they are examples – we’ve never suggested that these were the total universe of things we would have to do.”