Britain opposition unveils plan to tackle economy

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BIRMINGHAM, Sept 29 (Xinhua): Britain's main opposition, the Conservative Party, unveils here yesterday its reconstruction plan for a stronger economy.
In a 40-page pamphlet, the party which is largely regarded as the one to lead the next government, sets out to reform the monetary and financial systems.
"A decade of debt-fuelled growth has left the UK more exposed to the financial crisis than any other European country," it says.
It proposes to overhaul the tripartite system of financial regulation to give the Bank of England (BoE) a far greater role in the market oversight, as a measure for prevention and improving intervention.
What's more, a new debt responsibility mechanism is to be created. The BoE will be asked to take broader responsibility for debt in the country's banking system and economy, as well as the risks it poses. It will also be given power to deal with failing banks when things go wrong.
The party aims to introduce a new system of deposit insurance for savers for the first 50,000 pounds of deposits to be paid out within a week. The Conservative Party also plans to reduce the tax burden on families and businesses by starting a tax reform and to advocate a more balanced economy.
"These proposals would not just help Britain through the current economic crisis, but make the changes necessary to make sure Britain is better prepared for future shocks to the world economy," claimed party leader David Cameron in the foreword to the pamphlet.
The Conservative Party has been ahead of the ruling Labour in public support for months this year by a margin of 20 percentage points. However, as the party has not demonstrated any meaningful policies, it has been deemed as lacking of substance.
As the country is falling into an economic downturn, the main opposition party feels obliged to show its cards on the economy, instead of sitting idle and let the Labour led by Gordon Brown steal all the limelight.