The Tories have detailed plans to set up an independent office for budget responsibility and tax simplification in their electoral Manifesto today.
Under plans set out in its Manifesto Invitation to join the Government of Britain, an incoming Tory government will set up an independent office for budget responsibility to prevent public finances falling into disarray again.
The idea was first mooted by the party in 2008 as a way of independently monitoring public spending and debt.
"To ensure that no Labour government can ever attempt to bankrupt our public finances again, we will set up an independent office for budget responsibility," the manifesto said.
The establishment of such an office, says the Conservative party, will restore trust in the Government's ability to manage public finances.
Describing the case for re-establishing economic credibility as "overwhelming", the party also reiterated its aim of holding an emergency budget within 50 days of taking office to map out plans to cut the the structural deficit.
The Conservatives also said it will create an independent office for tax simplification. It will be charged with coming up with reforms to the tax system as part of a bold aim to "create the most competitive tax system in the G20 within five years".
"We will restore the tax system's reputation for simplicity, stability and predictability," says its Manifesto.
The party also said it will set out a five year road map in its first budget for the direction of corporate tax reform.
The Manifesto also confirms the Tories' commitment to setting up a consumer protection agency (CPA) to replace the FSA. The CPA will also have new powers, such as banning excessive borrowing rates on store cards.
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