George Osborne and Francis Maude have launched a consultation, entitled It's Your Money, on a series of proposals designed to create a new cultural of financial discipline across Government.
In a speech at the Institute of Chartered Accountants, George Osborne attacked Labour for creating a public sector in which civil servants are encouraged to “shovel money out the door as fast as possible, regardless of how well that money is spent or how it can be paid for.”
He warned that a Conservative Government will inherit "the worst set of public finances any incoming government in Britain has ever had to deal with" - and outlined a series of proposals to introduce financial discipline:
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Create strong incentives for better financial discipline, including a fiduciary responsibility to taxpayers in the employment agreements of all senior civil servants. (A fiduciary responsibility means that someone is trusted with the assets, wealth or well-being of a third party and has the responsibility to manage them in the best interests of the third party)
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Dramatically improve the transparency of information on public sector spending and introduce new measures that show the effectiveness of financial management across government.
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Introduce new ways to investigate wasteful spending and reward public sector employees for suggesting ideas that generate cost savings.
George, the Shadow Chancellor stressed, “Creating a new culture of financial discipline in Whitehall is not going to be easy. It will be like turning around a supertanker. But be in no doubt, we have the political will and detailed plans to turn the supertanker and put Britain on the right course."
Francis, the Shadow Cabinet Office Minister, added, "With our commitment to strong incentives, more transparent information and better investigation we can create a culture of financial discipline across government and better value for the tax payers. We know that it is Your Money.”
To contribute to the consultation, please email
disciplinedspending@conservatives.com
Read more about our plans to introduce financial discipline across government