We will subject all spending and tax commitments to the over-riding commitment to adhere to the EU Growth and Stability Pact. This means respecting the requirement that, over the course of an “economic cycle”, the General Government Balance will, on average, not exceed 1% of GDP. We will keep sufficient flexibility in the public finances to allow for a sharper than expected slowdown in tax growth
for economic orthodoxy, for example reduction of budget deficits, thrift or a strong currency