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| Tories pledge council tax freeze | Tories pledge council tax freeze |
| (20 minutes later) | |
| A Conservative government would bring in a two-year freeze on English council tax rises, George Osborne has pledged. | A Conservative government would bring in a two-year freeze on English council tax rises, George Osborne has pledged. |
| The shadow chancellor told the party's conference in Birmingham it would be paid for by cutting spending on government consultants and advertising. | The shadow chancellor told the party's conference in Birmingham it would be paid for by cutting spending on government consultants and advertising. |
| Central government cannot force bills to be frozen - but any council which limits spending rises to 2.5% will get that amount from Whitehall, he said. | Central government cannot force bills to be frozen - but any council which limits spending rises to 2.5% will get that amount from Whitehall, he said. |
| Mr Osborne said the move would save the average Band D household £210. | Mr Osborne said the move would save the average Band D household £210. |
| 'Cupboard is bare' | 'Cupboard is bare' |
| Mr Osborne, who received a standing ovation for his keynote speech, told the party faithful his aspiration was to cut taxes. | Mr Osborne, who received a standing ovation for his keynote speech, told the party faithful his aspiration was to cut taxes. |
| But he said that Gordon Brown's "age of irresponsibility" meant that "the cupboard is bare" and the country could not afford upfront tax cuts. | But he said that Gordon Brown's "age of irresponsibility" meant that "the cupboard is bare" and the country could not afford upfront tax cuts. |
| However, Mr Osborne said that his ambition was that a Cameron government would leave office with taxes lower than when it came in. | However, Mr Osborne said that his ambition was that a Cameron government would leave office with taxes lower than when it came in. |
| And he said that, while he could not cut taxes, he wanted to bring in the freeze because "families facing the squeeze cannot afford tax rises". | And he said that, while he could not cut taxes, he wanted to bring in the freeze because "families facing the squeeze cannot afford tax rises". |
| In his speech he also said the City must bear its share of blame for the economic crisis. | In his speech he also said the City must bear its share of blame for the economic crisis. |
| He said a future Tory government would always support and encourage the financial sector - but he warned that it would not ask hard-working families to subsidise the failures of financial institutions. | He said a future Tory government would always support and encourage the financial sector - but he warned that it would not ask hard-working families to subsidise the failures of financial institutions. |
| 'Grave problems' | 'Grave problems' |
| He told Tory representatives in Birmingham: "I am not going to blame everything on the bankers alone. But nor am I going to excuse them of their responsibility, or allow them to think that things can carry on as before. | He told Tory representatives in Birmingham: "I am not going to blame everything on the bankers alone. But nor am I going to excuse them of their responsibility, or allow them to think that things can carry on as before. |
| "I am not going to do what the left has done, and use the crisis as an excuse to abandon the free-market economy that has made our country more prosperous. | "I am not going to do what the left has done, and use the crisis as an excuse to abandon the free-market economy that has made our country more prosperous. |
| The credit has dried up, the engines of the economy have stalled, the party is over George OsborneShadow chancellor | The credit has dried up, the engines of the economy have stalled, the party is over George OsborneShadow chancellor |
| "But nor am I going to pretend that the crisis doesn't raise the most profound questions about our financial system and how we regulate it. | "But nor am I going to pretend that the crisis doesn't raise the most profound questions about our financial system and how we regulate it. |
| "I am not going to claim that this problem only exists in Britain or that it is all the fault of the current government. | "I am not going to claim that this problem only exists in Britain or that it is all the fault of the current government. |
| "But nor am I going to let them forget who sat there in the Treasury for 10 years while the regulation failed, the debt soared and no one called time on the 'age of irresponsibility'." | "But nor am I going to let them forget who sat there in the Treasury for 10 years while the regulation failed, the debt soared and no one called time on the 'age of irresponsibility'." |
| Mr Osborne accused the government of allowing consumers to rack up more than a trillion pounds of mortgages and credit card bills and households debts "without stopping to think what would happen if the credit dried up". | |
| "We built an economy on the engines of finance and housing and government spending, and the government never stopped to think what would happen if the engines stalled. Now the credit has dried up, the engines of the economy have stalled, the party is over." | "We built an economy on the engines of finance and housing and government spending, and the government never stopped to think what would happen if the engines stalled. Now the credit has dried up, the engines of the economy have stalled, the party is over." |
| He said the country needed the "wholly different approach," outlined in a 40-page report entitled Reconstruction: Plan For A Strong Economy. | He said the country needed the "wholly different approach," outlined in a 40-page report entitled Reconstruction: Plan For A Strong Economy. |
| The document promises immediate help for people struggling with the credit crunch, such as a "fuel stabiliser", so fuel duty is cut when oil prices rise. | The document promises immediate help for people struggling with the credit crunch, such as a "fuel stabiliser", so fuel duty is cut when oil prices rise. |
| But it also sets out long-term reforms, such as giving the Bank of England the power to take over failing banks as an alternative to nationalisation, to "tackle bubbles before they emerge". | But it also sets out long-term reforms, such as giving the Bank of England the power to take over failing banks as an alternative to nationalisation, to "tackle bubbles before they emerge". |
| "We will bring fiscal responsibility to our government. And we will bring financial responsibility in our economy. We will make sure that this mess never happens again," Mr Osborne said. | "We will bring fiscal responsibility to our government. And we will bring financial responsibility in our economy. We will make sure that this mess never happens again," Mr Osborne said. |
| No magic wand | No magic wand |
| The Conservatives are under pressure to seize back the initiative from Labour on the economy, after Gordon Brown's well-received speech at Labour's conference last week, in which he said it was "no time for a novice" to take over. | The Conservatives are under pressure to seize back the initiative from Labour on the economy, after Gordon Brown's well-received speech at Labour's conference last week, in which he said it was "no time for a novice" to take over. |
| Mr Osborne sought to turn that attack back on the prime minister, saying that he should "start listening to the hard working people of this country". | |
| And he added: "Well, Mr Brown, when it comes to leading and listening and understanding: you know I believe in apprenticeships. But this is no time for a novice." | |
| A year ago, George Osborne helped kick-start the Conservatives' current revival when he unveiled the party's pledge to cut inheritance tax - and his council tax announcement will be widely seen as an effort to pull off a similar coup. | A year ago, George Osborne helped kick-start the Conservatives' current revival when he unveiled the party's pledge to cut inheritance tax - and his council tax announcement will be widely seen as an effort to pull off a similar coup. |
| HAVE YOUR SAY Conservative or Labour are the same because neither party saw this disaster coming, none of us was really aware of the power of the banks and their global interdependence and interaction.Carla Thompson, Rugeley Send us your comments | HAVE YOUR SAY Conservative or Labour are the same because neither party saw this disaster coming, none of us was really aware of the power of the banks and their global interdependence and interaction.Carla Thompson, Rugeley Send us your comments |
| Mr Osborne also hit back at the prime minister's claim the Tories lack economic experience. | Mr Osborne also hit back at the prime minister's claim the Tories lack economic experience. |
| "He says he's the candidate of experience. Well I think we've all had enough of the Gordon Brown experience," Mr Osborne told party activists. | "He says he's the candidate of experience. Well I think we've all had enough of the Gordon Brown experience," Mr Osborne told party activists. |
| The speech comes after shadow chief secretary to the Treasury Philip Hammond warned the economic downturn could be "more grave here than in the US" in the medium-term because of the government's policy failures. | The speech comes after shadow chief secretary to the Treasury Philip Hammond warned the economic downturn could be "more grave here than in the US" in the medium-term because of the government's policy failures. |
| He told a fringe meeting there was no such thing as a free lunch, "no magic wand" and that it would take a lot of hard work before getting in a position to "resume growing prosperity" for the British people. | He told a fringe meeting there was no such thing as a free lunch, "no magic wand" and that it would take a lot of hard work before getting in a position to "resume growing prosperity" for the British people. |