The PN will not only target a budget surplus by the end of the coming legislature but wants to set up a framework to strengthen the country’s fiscal discipline.

Measures to be taken by a future PN government were spelt out yesterday during a press conference by the party’s deputy leader Simon Busuttil.

He said Malta was one of the few EU member states that had slashed its deficit despite the international recession.

From a deficit of more than four per cent of GDP in 2008, the Government managed to lower it to 2.3 per cent this year and will continue to lower it to almost zero by 2015.

Dr Busuttil said an independent council would be appointed as a watchdog on public finances.

“This is a guarantee for the future that we will remain on course. No government will be allowed to overspend and then who comes after it will have to face the consequences,” Dr Busuttil said.

A future PN government would also appoint a specific parliamentary committee for economic and financial affairs to scrutinise public fund administration better.

Speaking on the PN’s tax incentive proposals, Dr Busuttil said the party would leave an additional €60 million in the economy through various adjustments in income tax bands and removing succession tax on property.

While the recent Budget measures removed the succession tax on residential property left by succession or a donation by parents to their siblings, the scheme will be extended to all property over the next legislature.

He said that, when drawing up its electoral programme, the PN had received a total of 1,300 proposals.

“Being responsible we chose the best 125 ones and the most which we can afford. Our programme is a realistic one. Labour’s is still a mystery,” Dr Busuttil said.