Tax photo

Sky News reports on Liam Fox's speech at the IEA

Senior Tory Liam Fox has called for a five-year spending freeze to fund tax cuts and help slash the deficit as Conservative tensions continue.

In an address to the Institute of Economic Affairs, Dr Fox said: “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.

“Whichever is the case, it’s creating a society that is sustainable for the future in the way that our current – welfare dependent and debt-ridden – economy is not.

“We should gradually move towards the reduction – or even abolition – of the taxes where the state not only taxes the same money on multiple occasions but discourages the very behaviour that would lead to a more responsible society.”

Read the full article here.