“Six hundred and ninety Wednesdays ago, my Party lost its reputation for economic competence. I was there that day, working in the Treasury. You may have seen the TV footage. The events leading up to that day were bad for our economy, disastrous for our Party, but most important of all… made life really difficult for the millions of families who faced high interest rates, negative equity, and repossessions. No matter that the policy was backed by the CBI and by Gordon Brown and the Labour Party. That was thirteen years ago. We’ve learned our lesson. I will never let that happen again."
Cameron proposes a triple lock to transform the Tories’ economic reputation:
- "Independent setting of interest rates by the Bank of England. He will announce that he will never allow political interference to tarnish Bank of England Independence and that he will not hand over the Bank of England’s power to set interest rates to the ECB.
- Independent assessment of fiscal rules. There will be an independent panel to judge the Golden Rule.
- Independent statistics. The Office for National Statistics will be given independence."