The Rest Is Money 214. Are Tory Cuts Credible?
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Oct 8, 2025 
In this discussion, Mel Stride, the Shadow Chancellor and Conservative politician, delves into proposed economic reforms. He explains a new 50/50 rule aiming for a balanced approach to spending cuts and debt reduction. The conversation explores the potential impact of welfare cuts, particularly on vulnerable populations, and challenges around job creation. Stride defends controversial decisions on overseas aid and emphasizes the importance of economic growth in addressing fiscal sustainability as they navigate the complexities of past policies and future plans.
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Half-To-Debt Golden Rule
- Mel Stride proposes a fiscal rule to allocate at least half of spending savings to debt reduction and the rest toward tax cuts.
- He suggests the OBR would enforce this, potentially via primary legislation to lock it in.
Savings-Only Rule Focus
- Stride says the 50/50 split only applies when savings are made, not when spending rises.
- He frames debt reduction as the immediate priority before affordable tax cuts.
Target Welfare To Encourage Work
- Stride argues welfare spending must be reduced to arrest an unsustainable trajectory in public finances.
- He recommends targeting milder mental-health claims and helping people into work as a fairer approach.