Our idea is a new deal for savers which breaks out of this conservative consensus on tax reliefs. The focus of our proposals would be a savings account based on a small cash endowment paid to every newborn child. Either of these could be introduced for a third of the cost of the Tory party's tax exemption proposals. The inequality we now see resulted in no small part from policies which systematically benefited affluent households. The Tories have now thrown down the gauntlet on savings policy with a proposal which is likely to accentuate these problems.
Labour needs to respond.
A radical second-term agenda demands nothing less. Sue Regan is at the Institute for Public Policy Research.