Osborne says he will slim down Treasury
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Shadow Chancellor George Osborne says he will narrow the remit of the Treasury and focus it more on financial stability and deficit control if the Conservatives win the next election.
Speaking in an interview with The Wall Street Journal, Osborne says he plans to reorganise the Treasury which he thinks took on too many roles under Gordon Brown’s tenure.
He would hand over functions such as distributing welfare benefits to parents to the Department of Work and Pensions.
Osborne said one of his first tasks would be to set up an independent office for budget responsibility to undertake an audit of all off-balance sheet liabilities including public sector pensions.
He also ruled out selling Government stakes in banks quickly saying they will be around for “some years”.
The Tories are also looking at proposals being worked out by the International Monetary Fund where banks would pay an insurance levy that would create a fund that banks could access in the event of a financial crisis to prevent future Governments having to bail out banks.
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