Kemi Badenoch will place economic policy at the centre of her leader's speech as she concludes the Conservative Party conference on Wednesday. The Tory leader plans to unveil a new "golden rule" requiring half of all savings from spending cuts to reduce the deficit.
The Conservatives have sought to put a stronger economy and stronger borders at the centre of their conference agenda. Badenoch has already confirmed a policy to leave the European Convention on Human Rights and deport 150,000 people a year.
In her economic-focused speech, the remaining half of saved funds would support either increased spending or tax reductions to stimulate growth. This proposal builds on the party's existing commitment to slash £47 billion in spending through welfare restrictions and Civil Service downsizing.
New golden rule unveiled
Badenoch is expected to tell conference delegates: "It starts with fiscal responsibility. We have to get the deficit down. And we must also show how every tax cut or spending increase is paid for." She will add: "So today, I am going to introduce a new golden economic rule. Every pound we save will be put to work. At least half will go towards cutting the deficit."
The Conservative leader will attack Chancellor Rachel Reeves' economic plans, claiming they will double the deficit over the next decade. She will describe this as "not sustainable" and "not fair", saying: "It is stealing from our children and grandchildren. And Conservatives will put a stop to it."
University and apprenticeship reforms
Badenoch will propose doubling the apprenticeship budget by reducing university student numbers by 100,000 annually. The policy would reintroduce caps on student places across all subjects, gradually reducing numbers for courses offering poor graduate prospects.
She will say: "So we will shut down these rip-off courses and use the money to double the apprenticeship budget, giving thousands more young people the chance of a proper start in life." Cutting student numbers would save £3 billion, all of which would go towards boosting the apprenticeship budget.
Opposition criticism
Labour responded by demanding an apology for the economic damage caused by former Prime Minister Liz Truss's mini-budget. A party spokesperson said: "Kemi Badenoch has some brass neck. It's astounding that her latest speech still contains no apology for the Conservatives crashing the economy, which left families saddled with sky-high mortgages and rising prices in the supermarket."
The party dismissed the Conservative spending plans as "fantasy" savings calculated "on the back of the same fag packet (Reform UK leader) Nigel Farage has been writing on". They added: "The Tories are all over the place, it shows they've learned nothing and still can't be trusted with the public finances."
Liberal Democrats also rejected Badenoch's economic credentials, with a spokesperson saying: "The idea that the public would now trust the Conservative Party with the economy is laughable. From almost crashing our economy to leaving public services on their knees, the Conservatives have shown their economics is almost as bad as their spelling." The comment referenced conference chocolate bars distributed with the misspelled slogan: "When Labour negotiates, Britian loses."
Sources used: "PA Media" Note: This article has been edited with the help of Artificial Intelligence.
