This year alone the taxpayer will pay out 25 billion Pounds in interest payments on debt - more than we spend on our schools. So we need to address the fundamental weaknesses in the economy. In the short time since the election, we have begun to lay the foundations to secure Britain's long-term economic future. Openness and transparency Stability will of course depend, to a large extent, on markets having confidence in the commitment of Government to prudent and sound management of the economy. So economic policy must be open and transparent.
Openness builds confidence and credibility.
It is essential in today's global economy. And in our fiscal and monetary policies, we have set out open and transparent frameworks that have clearly enhanced our credibility. The Government will now publish a Pre-Budget consultation document each year setting out the economic issues we face. Operational independence for the Bank of England. The new code for fiscal stability.