The Metro reports on Liam Fox's speech at the IEA


Former defence secretary Liam Fox has urged that the ring-fencing of the NHS, schools and foreign aid budgets should be scrapped so other departments face less drastic cuts.

He also called for a three-year public spending freeze, which he calculated would save the government £345billion, along with a temporary removal of capital gains tax.

Dr Fox continued by proposing the end of income tax on bank savings.

“I believe that in leaving money in people’s pockets, economic activity will follow. People will buy houses, invest for their future or just go shopping,” he told the Institute of Economic Affairs in London.

“It is creating a society that is sustainable for the future in a way that our current welfare-dependent and debt-ridden economy is not.”

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