What the new government must do first

After an exhausting election, the incoming administration is expected to introduce reforms immediately. But which ones are most urgent? The Spectator asked some of its favourite writers and thinkers to advise the new Prime Minister

Stabilise the economy

The new government now has to move with utmost swiftness to stabilise British public finances, which Gordon Brown has left in a truly abysmal condition. We are in the middle of the worst debt explosion in the Western world, according to the Bank for International Settlements, and nothing discussed during the election campaign would remotely suffice to bring the situation under control. On the contrary, there is a very real danger that it could now spiral, Greek-style, out of all control if foreign confidence in sterling slumps and long-term interest rates rise.

To avoid the grim fate of Geórgios Papandréou, Mr Cameron, if he becomes prime minister, needs to do two things right away. He must instruct George Osborne to wield the axe ruthlessly with the aim of returning to a balanced budget over a credible eight- to ten-year time frame.