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Shadow Chancellor, George Osborne MP, delivers the 2010 Mais Lecture

Mais Lecture 2010 - A New Economic Model

Thursday, 25 February, 2010

"We will not hesitate to take difficult decisions to get Britain working," was the stark message from the Shadow Chancellor, George Osborne, as he delivered the annual Mais lecture to an audience of academics, students and senior City figures last night at Cass Business School.

Mr Osborne made it clear that in his view, "swingeing and savage cuts," were essential to avoid the international business community losing confidence in Britain and he would not shy away from tough decisions on spending but that would only do so in a "careful and co-ordinated" way.

The Shadow Chancellor argued that the existing policy framework failed to prevent the crisis, is unable to deal with the current weakness of the economy and won’t be able to stop it happening again. He set out a new economic model for growth based on saving and investment that can ensure that private and public debt are sustainable in the future, including:

Professor Geoffrey Wood, in attendance at the lecture, said: "Mr Osborne’s speech was excellent, sound conclusions very well argued and explained. I particularly welcomed the stress on having the right policy framework; too many people forget that in the discussion of day-to day numbers, most of which in any event we know to be wrong."

The annual Mais lecture is regarded as the City of London's foremost event for the banking and finance community, and is attended by senior practitioners and academics. Since its inception in 1978, the Mais has maintained a tradition of prestigious speakers such as Tony Blair; Gordon Brown; Mervyn King, Governor, Bank of England (2005). The 2008 lecture was given by Chancellor of the Exchequer, Alistair Darling.

The lecture has been covered extensively in the media both before and after the lecture, including in the Daily Telegraph

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George Osborne MP delivering the Mais Lecture
Above and below: George Osborne meets with Cass students

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