BBC News reports on Liam Fox's speech at the IEA
Dr Fox, in a speech to the free market think tank, the Institute of Economic Affairs, suggested that there should be a public sector spending freeze for five years, which would, he says, save £345bn.
The former defence secretary said that capital gains tax should be reduced to zero for three to five years.
He also called for means testing of winter fuel allowance and other benefits enjoyed by pensioners, whose personal wealth, he said, meant benefits were unnecessary.
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