This article was last updated on April 16, 2022
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Former Cabinet minister, Dr. Liam Fox has issued a call for a public spending freeze for at least a span of three and five years, and asked to drop the protected budgets for the NHS, schools and international aid in his speech for economy.
Senior Conservative has urged the government in his high-profile speech to reconsider the plan of earnings and savings taxation, including a Capital Gains Tax holiday in budget 2013, to support the weak economy. The former defence secretary has also asked for an end to certain benefits for pensioners, such as bus passes and the winter fuel payment.
Just a couple of weeks before Dr. Fox’s intervention, concerns regarding George Osborne’s Budget, were raised by many of the party’s backbenchers over the way funding has been ring-fenced for three Whitehall areas while other departments, like the Ministry of Defence, have been hit hard.
At the Institute of Economic Affairs, Dr. Fox has said in his speech: “We shouldn’t spend money that we don’t have and we should not live beyond our means today only to pass our debts to future generations.”
Dr. Fox said that a three-year public spending freeze would provide the Government with £70.4 billion savings a year, which would help in cutting taxes and reducing the deficit. And in case of extending the freeze over five years’ span would save a total £345 billion.
Prime minister David Cameron, during a visit to Milton Keynes has welcomed every piece of suggestion coming his way but told: “Plenty of people are giving me advice and there is one piece of advice I won’t take and that is the piece of advice that says ‘You ought to cut the National Health Service budget’.”
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