
The first of the Tories’ financial reforms
The first of the Tory financial reforms is announced in the News of the World today. There is to be an Office of Budget Responsibility to ensure government doesn’t break certain spending or borrowing limits, as part of a new “Debt Responsibility Mechanism”. As George Osborne says: “We will call time on Gordon Brown’s age of financial irresponsibility and put in place an independent system that will allow a referee, if you like, to show a yellow card to a Chancellor and Prime Minister if they are stepping out of line.” This sounds to me like the political equivalent of storing biscuits in a cupboard very high up in the