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

Liam Fox’s speech to the Institute of Economic Affairs comes ahead of next week’s Budget, which many Tories hope will contain measures to boost the struggling economy and the party’s fortunes. Called the Right Approach for Britain’s Economy, his speech will tell the free market think-tank that current tax and spending debates lack a clear philosophy based on sound Tory values.

He is expected to say: “Our policies should be about the type of behaviour we want to encourage and the type of country we want to be, not just how much money Government can raise.

“Economic policy is not just pounds, shillings and pence. It is the compass from which all other policy areas find their direction.”

Official figures show Britain’s welfare bill is set to hit a staggering £208billion this year – £8,300 for every British household.

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