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The Economy

I have given way considerably. We entered this financial crisis with one of the lowest levels of Government debt of any major country, and even after the action we have taken, we are still forecast to have lower debt than most of our major competitors. That is why we can act now. It means we will have to take action to bring borrowing back down in future years, so yes, we will introduce a new top rate of tax and cut tax-free allowances for those on over £100,000. Yes, we will expect the public sector to deliver even greater efficiencies to support the economy in future. But here is the difference between us. Whereas we will introduce a new top rate of tax and a new law to help to cut child poverty, the Opposition want to introduce inheritance tax cuts for millionaires and cut the Sure Start scheme—our priorities, compared to theirs. Last year, the Chancellor asked Lord Turner as the new chair of the Financial Services Authority to look again at our regulatory framework and to put forward more reforms for the future. His report, and the Government report "The Road to the London Summit", outlines many of the problems that led to the financial crisis, and the need to take action now to deal with those problems for the future. We welcome Lord Turner’s report—