Conservative leader Kemi Badenoch will today unveil a new "golden economic rule" aimed at restoring the UK's finances.
In her keynote speech to the Tory party conference in Manchester, Badenoch will pledge £47billion in spending cuts to reduce the deficit, boost growth and cut taxes.
Under her plan, half of every pound saved would go toward lowering government borrowing, with the other half funding growth measures such as tax reductions.
The announcement comes as Labour Chancellor Rachel Reeves faces an estimated £50billion fiscal shortfall and is expected to raise taxes in next month's Budget.
Badenoch will accuse Reeves of creating a “borrowing and tax doom loop,” warning that Labour’s plans are “not sustainable” and amount to “stealing from our children and grandchildren.”
Addressing party delegates on the final day of the conference, Ms Badenoch will say: “The reason the Conservative Party is the only party in Britain who can be trusted to meet the tests of our generation is that none of this works without a strong economy.
“Securing our borders, getting people into work, policing our streets, defending the nation. None of it is possible without the money to pay for it. And we are the only party with a plan to get our economy back on track.
“It starts with fiscal responsibility. We have to get the deficit down. And we must also show how every tax cut or spending increase is paid for.
“So today, I am going to introduce a new golden economic rule. Every pound we save will be put to work. At least half will go towards cutting the deficit.
“Because living within our means is our first priority. And with the rest, we are going to get our economy growing again. And bring down the taxes stifling our economy."