The rules of engagement

At the Labour Party conference, Chancellor Alistair Darling proposed a 'Fiscal Responsibility Act' to increase confidence that he would reduce government borrowing. Shadow chancellor George Osborne has proposed an 'Office for Budget Responsibility' to help increase confidence in his Treasury's forecasts.

Filling in the details of how they intend to reduce borrowing is likely to lead to the largest increase in confidence and that they are serious about achieving this. Darling and, to a greater extent, Osborne have provided some details but much remains unspecified by both.