U.K. Shadow Chancellor Unveils New Economic Model

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Tuesday, Britain's shadow chancellor George Osborne unveiled a new economic model for growth to create a "more balanced economy".

Announcing some of the plans the Tories would implement if elected to power this year, Osborne said, "We need change to get our country back on its feet again. We cannot go on with the old economic model of the last decade." In a speech, he said Britain cannot afford the current Prime Minister Gordon Brown for five more years.

Listing out Conservatives' plans to take U.K. back on its feet, Osborne pledged the Tories will protect Britain's credit rating and international reputation if they win the election. He noted that it is necessary to cut Britain's budget deficit more quickly to safeguard Britain's credit rating, which is under threat.

Secondly, the party will work to create a more balanced economy. Osborne stated that the economy Brown built was "severely unbalanced". Blaming that current economic growth is driven by public and private debt, Osborne said a sustainable recovery must be built on exports, business investment and saving.

As the country faces the threat of joblessness, the Conservatives want to lower youth unemployment by creating feasible conditions for business. Furthermore, Osborne promised to improve Britain's global rankings for tax competitiveness and business regulation. He said a Tory government will ensure that the whole country shares in rising prosperity and the public services deliver better value for money.

On the ground that a massive failure of regulation in the financial services sector put Britain's economy at risk, Osborne said the Conservatives intends to create a safer banking system that serves the needs of the economy. "We will abolish the failed tripartite system of regulation and put the Bank of England back in charge, and we will pursue international agreement on reforms to protect taxpayers," he said.

In order to create an economy, which is sustainable environmentally and not just economically, Tories would work to see lower emissions and a rising market share of low carbon technologies, Osborne said.

(Market News Provided by RTTNews)