Griffith sets out £71bn savings and five fiscal tests amid Tory credibility questions

Shadow Chancellor Andrew Griffith has set out five fiscal tests and £71bn of savings ahead of the Budget, while facing repeated questions over whether the Conservatives followed those tests in government.

Mr Griffith said the tests were: stop maxing out the nation's credit card; properly fund defence; act on the youth jobs emergency; introduce no new taxes; and cut the welfare bill. He presented them as tests for the Budget and for Labour, arguing the country cannot keep borrowing at current levels. He said public sector net debt was 65% in 2010 and 95% in 2024, and that debt interest was running at twice the defence budget. Borrowing to pay interest was at the highest rate for 30 years, he said. Labour had added a quarter of a trillion pounds to public debt, he added.

On savings, Mr Griffith put the top-line figure at £71bn, about 4.5% of total government spending. He said half of that would go directly to tackling the deficit rather than being recycled straight into tax cuts. Other money would be repurposed, including moving funds from net zero budgets to defence. He described the welfare reduction as the largest ever, saying it was needed because the welfare budget is out of control. He agreed with the interviewer that the welfare bill is set to rise by £30bn over the next Parliament, meaning a £36bn saving would amount to cutting a rise by about £6bn.

The interview also pressed him on the Conservative record. The presenter said the Tories had maxed out the credit card, failed to properly fund defence, overseen a quarter of a million more young people not in education, employment or training between 2021 and 2024, put up corporation tax, and allowed the welfare bill to balloon. Mr Griffith conceded the point several times. He said the Conservatives did not get everything right in government, strayed from their principles and let people down, which was why they lost the election.

He said the party was now under new leadership and had set out a different plan at its conference. He rejected comparisons with previous Conservative governments, arguing parties change and respond to the challenges of the time. He said he had spent 25 years in business as a finance director balancing the books, and that he and Kemi were equal to the task. He also pushed back on the idea that the Conservatives would be branded the austerity party. 'I appreciate one man's austerity is someone else's efficiency,' he said. He said the party was once again for low taxes, fiscal responsibility, deregulation, strong defence and pride in British history.

Mr Griffith also pointed to policies such as reducing stamp duty and inheritance tax so family homes can be passed on tax-free. The presenter suggested the package was aimed squarely at middle-class voters. The savings plan and the five tests are the Conservatives' attempt to frame the Budget debate, but the interview showed the party still faces questions about its own fiscal record.