Watching the pennies?

Don't trust me - I'm a politician!

Prospective Tory Chancellor George Osborne

Well, it would be an unusual campaign slogan, perhaps unique.

But it's more or less what George Osborne will be saying at the next election. He says that if he becomes Chancellor of the Exchequer it won't be enough to take him at his word. Recent history has shown, he argues, that when a government promises the voters to take good care of the public finances, it doesn't mean very much.

Which is why Mr Osborne, should he become Chancellor, plans to create an independent watchdog to monitor government spending and borrowing. It will be called the Office For Budget Responsibility and will have the power to issue public warnings if it believes the government's tax and spend figures don't add up.

John Beesley has been talking to the Conservatives - and their critics - about the idea.