Mr Cameron warns of "Tough choices ahead"

David Cameron has warned that an incoming Tory government will have to make "tough choices" on public spending. And he said cutting public debt - not taxes - would be his top priority, in a keynote speech on the economy. He criticised "quango fat cats" and said he would examine the system of tax credits - as some were reaching people earning more than £50,000 a year. 

In his speech Mr Cameron said a "credible strategy" to bring the public finances under control was essential for recovery. The Tory leader, who ditched the Conservatives' commitment to match Labour's spending plans in the light of the economic downturn, stressed that fiscal responsibility had to have a "social conscience." 

As official data suggested the UK's budget deficit had widened to £8.99bn in February, Mr Cameron said an incoming Conservative government would have to deal with the worst set of public figures in our peacetime history. He said without addressing public debt, confidence would be undermined and it could lead to a sharp increase in the cost of borrowing - meaning higher interest payments on mortgages and business loans. 

He was asked if schools or defence spending would be ring fenced but replied that while the Conservatives had announced what they would do this year they were not making detailed announcements for future years. He said social reform plans would not be abandoned but said he would "examine" tax credits as he believed the original purpose of the system had been confused to the point where tax credits can now reach people earning over £50,000 a year. 

I’m afraid Mr Cameron is going to have to do more, much more, if he is to maintain his 12+ point lead in the polls for what could be another whole year. We need to hear long term conservative plans to steer this country through this recession, but also to bring the promised “change” to education, to health and to defence, and if we don’t then we can expect to see the polls get tighter and tighter as we near the election that Mr Brown has avoided for so long.