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| End 'money for nothing' - Osborne | End 'money for nothing' - Osborne |
| (21 minutes later) | |
| The UK's "money for nothing" culture must come to an end, shadow chancellor George Osborne will say later. | The UK's "money for nothing" culture must come to an end, shadow chancellor George Osborne will say later. |
| In a speech in Birmingham, Mr Osborne will argue people need to hear some "home truths" and must "work hard and save hard" to get out of the recession. | In a speech in Birmingham, Mr Osborne will argue people need to hear some "home truths" and must "work hard and save hard" to get out of the recession. |
| Generous tax breaks for corporate debt must be ended to wean firms off their reliance on borrowed cash, he will add. | Generous tax breaks for corporate debt must be ended to wean firms off their reliance on borrowed cash, he will add. |
| The Conservatives have said Labour has left the UK ill-prepared to deal with the recession and should apologise. | The Conservatives have said Labour has left the UK ill-prepared to deal with the recession and should apologise. |
| Labour say the Tories have opposed vital measures to support the economy such as its VAT cut and fiscal stimulus package. | Labour say the Tories have opposed vital measures to support the economy such as its VAT cut and fiscal stimulus package. |
| 'Worst excesses' | 'Worst excesses' |
| Mr Osborne will link the regulatory failures which allowed banks to take unjustified risks to a general culture of excess which encouraged individuals to build up unsustainable levels of debt. | Mr Osborne will link the regulatory failures which allowed banks to take unjustified risks to a general culture of excess which encouraged individuals to build up unsustainable levels of debt. |
| "Our banking system is not separate from our economy," he will tell the Birmingham Chamber of Commerce. | "Our banking system is not separate from our economy," he will tell the Birmingham Chamber of Commerce. |
| The Conservatives are ready to tell people these home truths and the country is ready to hear them George Osborne class="" href="http://www.bbc.co.uk/blogs/nickrobinson/2009/03/sorry_for_what.html">Nick Robinson's blog | |
| "Our banks hold up a mirror to the worst excesses of society." | "Our banks hold up a mirror to the worst excesses of society." |
| He will say people need to become more prudent in future and will no longer be able to rely on the rising value of their home to pay for their retirement. | He will say people need to become more prudent in future and will no longer be able to rely on the rising value of their home to pay for their retirement. |
| "The money for nothing society has to end," he will say. | "The money for nothing society has to end," he will say. |
| "The truth is that Britain is going to have to work hard and save hard to get out of this hole. The Conservatives are ready to tell people these home truths and the country is ready to hear them." | "The truth is that Britain is going to have to work hard and save hard to get out of this hole. The Conservatives are ready to tell people these home truths and the country is ready to hear them." |
| Mr Osborne will call for the "recapitalisation" of the whole of British business, not just leading banks - a policy which the Conservatives claim has failed. | Mr Osborne will call for the "recapitalisation" of the whole of British business, not just leading banks - a policy which the Conservatives claim has failed. |
| He will say the tax system, which treats corporate debt "more generously" than any other major global economy, needs to be reformed to encourage less risky forms of finance. | He will say the tax system, which treats corporate debt "more generously" than any other major global economy, needs to be reformed to encourage less risky forms of finance. |
| More incentives for share ownership and equity investment in business start-ups and existing firms are needed, he will add. | More incentives for share ownership and equity investment in business start-ups and existing firms are needed, he will add. |
| By limiting tax breaks on debt, a future Tory government could commit to further reductions in the basic rate of corporation tax beyond their existing pledge to cut it from 28% to 25%. | By limiting tax breaks on debt, a future Tory government could commit to further reductions in the basic rate of corporation tax beyond their existing pledge to cut it from 28% to 25%. |
| "The prize could be considerable," he will argue. "A simpler and more competitive tax system, more jobs and investment and British businesses that are less dependent on debt." | "The prize could be considerable," he will argue. "A simpler and more competitive tax system, more jobs and investment and British businesses that are less dependent on debt." |
| Mr Osborne visited carmaker Jaguar, whose workers recently agreed to accept a shorter working week and a one-year pay freeze to avoid compulsory job cuts. | Mr Osborne visited carmaker Jaguar, whose workers recently agreed to accept a shorter working week and a one-year pay freeze to avoid compulsory job cuts. |