We shall maintain that approach. This Statement looks beyond the next two years to the medium term. We will deliver prudent and sound management of the public finances to provide a stable platform for investment and growth. To achieve that, we must put the public finances into proper shape. Since 1990, public sector debt has almost doubled as a proportion of national output.
Public spending needs to be clearly focused.
And we will achieve that objective. We showed the way when we were in opposition. We said that we would provide nursery places for all four year-olds. We will find the money by scrapping nursery vouchers. We will release the funds by releasing savings from red tape and bureaucracy.