The Guardian covers Liam Fox's speech at the IEA

The Conservative party needs to reverse the “great socialist coup” of the last decade by ending welfare dependency and encouraging wealth creation by cutting taxes, the former defence secretary Liam Fox has argued.

In a call to arms, Fox called for an end to the ringfencing of Whitehall departments, which would lead to dramatic cuts in NHS spending.

Calling for lower taxes, Fox said: “The great socialist coup of the last decade was making wealth an embarrassment. It is not. It is the prize for aspiration and hard work, and its side effects are higher tax revenues, more jobs and more investment.”

The speech by the former defence secretary to the Institute of Economic Affairs (IEA) comes after Theresa May positioned herself over the weekend for a future Tory leadership by outlining her political creed in a speech that went well beyond her brief as home secretary.

Read the full article here.