A banker appeared on Radio 4’s PM programme this evening at about 5.30 p.m and celebrated the new coalition’s plan to remove control over government spending from the newly-elected government.
He was referring I believe, to the proposal for a full spending review, by (he suggested) an ‘independent commission’ to report by the autumn, and to decide where cuts in spending will come.
He was I believe a senior economist with Credit Suisse, and said something along these lines: “the government has already handed control over interest rates (monetary policy) to the Bank of England. Now the proposal is to hand control over fiscal policy to a non-governmental body. That will give us, the markets, great confidence…..”
In their policy statement the Con-Dem alliance (hat tip to the Duke of URL) commit to “establishing an independent commission to review the long term affordability of public sector pensions, while protecting accrued rights.”