George Osborne and David Cameron speak to business leaders at the AQL centre on February 5, 2015 in Leeds. Photograph: Getty Images.
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Osborne's courting of the silver vote shows the Tories' limited ambition

The Conservatives are more focused on winning back traditional supporters than attracting new ones. 

Like his predecessor but one, Gordon Brown, George Osborne is an intensely political Chancellor. Wherever possible, economic policies are designed to advance electoral aims. That is the case with today's announcement that the government's pensioner bonds scheme will be extended by three months. The bonds, which pay an interest rate of 2.8 per cent for one year and 4 per cent for three years, have been purchased by 610,000 over-65s since they were launched last year, making them "the most successful saving product this country had ever seen" (as Osborne told Andrew Marr this morning). 

There is a simple explanation for the largesse showered on the elderly: they vote. In 2010, 76 per cent of over-65s turned out, more than any other age group, with the Conservatives polling 44 per cent among them - a 13-point lead over Labour. But the surge in support for Ukip among pensioners (nearly 60 per cent of the party's supporters are over-55) means the Tories need to work to win them back. In addition to Osborne's gifts, they have pledged to triple-lock the state pension (so that it increases by the rate of inflation, average earnings or 2.5 per cent, whichever is highest), and will almost certainly continue to protect universal benefits such as Winter Fuel Payments, free bus passes and free TV licences.

There is anger among the libertarian right at this preferential treatement. The IEA's head of public policy Ryan Bourne wrote of the pensioner bonds: "This comes at a time when the government could borrow by issuing three-year bonds with yields of around 0.6 per cent. In other words, the government is deliberately borrowing more expensively than it needs to, guaranteeing a healthy return for pensioners who are wealthy enough to be able to purchase up to the £10,000 limit. No wonder the registration website keeps crashing.

"This bond issuance is not just misguided because it crowds out other investment activity. Borrowing more expensively than the government needs to is effectively a direct subsidy to wealthier pensioners from the working-age population. Though in the grand scheme of things this will only be a subsidy to the tune of hundreds of millions, rather than billions, the likely cost of this policy will be as high as several of the controversial welfare eligibility changes which the government claimed were absolutely necessary to help improve the public finances."

But as well as the morality of this approach, the Tories should consider the politics, too. Courting the silver vote may make short-term sense but if they are to ever win a majority again, the Conservative need to do far more to appeal to the young, a group among whom they currently struggle. The Tories are fond of deriding Labour’s alleged "35 per cent strategy", under which a coalition of the party’s core supporters and Lib Dem defectors allow it to crawl over the electoral finish line – yet today's announcement is a reminder of their own limited ambitions. The grey vote might enable the Tories to cling on as the single largest party but it offers no route to a majority. 

George Eaton is political editor of the New Statesman.

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Every day, Theresa May's mask slips a little further

First the Human Rights Act, now Dfid. What's next, asks Jon Ashworth.

The news that the new International Development Secretary is about to slash development spending and channel Britain's aid budget into defence spending is yet another major slip of the new government's centrist mask.

Theresa May has tried to pitch her policy agenda as prioritising social justice and a “Britain that works for everyone” but the reality is that this announcement is the true right-wing colours of her government shining through.

The appointment of the most right-wing Cabinet for decades was a major warning sign, with figures such as David Davis, who said he was “very worried” about sexual discrimination legislation, and Liam Fox, who said equal marriage was “social engineering”, now at the highest level in government.

Those of us passionate about development were horrified when Priti Patel, who has previously called for the Department for International Development to be scrapped, was appointed as the department's new Secretary of State, but few of us would have imagined such a dramatic break with Britain's strong development legacy so soon.

Not only is what is reported very dubious in terms of the strict regulations placed on development spending- and Priti Patel has already come dangerously close to crossing that line by saying we could use the aid budget to leverage trade deals - it also betrays some of the very poorest in the world at a time when many regions are facing acute humanitarian crises.

It was Gordon Brown who put international development at the heart of 13 years of Labour government, massively increasing aid spending and focusing minds in Britain and abroad on the plight of those suffering from poverty, famine and the ravages of war. David Cameron followed Gordon’s lead, enshrining the 0.7 per cent aid budget in law, making Britain the first G7 country to do so. In light of these new revelations Theresa May must now restate her commitment to the target.

Sadly, it now seems that Theresa May and Priti Patel want to turn the clock back on all that progress, diminishing Britain's role in international development and subverting the original mission of the department by turning it into a subsidiary of the Ministry of Defence, focused on self-interest and security. Not only will this create the opposite of the "outward-looking and globally-minded country" Theresa May said just weeks ago she wanted Britain to be, it’s also a betrayal of some of the poorest people across the planet.

Other examples of the right-wing traits of this Government surfaced earlier this week too. On Friday it emerged that Gerard Lopez, a tax-haven based businessman with links to Russian State banks that have been sanctioned in the wake of the Ukrainian conflict, donated £400,000 to the Tory party just months ago. Theresa May needs to tell us what meetings and interactions she has had with Lopez.

Earlier in the week Liz Truss, the new Justice Secretary, brazenly insisted that the Government would proceed with scrapping the Human Rights Act, despite fierce opposition from politicians of all parties and the public.

With so many right-wing announcements trickling though when the government has hardly had time to change the name plaques above the doors you've got to wonder and worry about what else is set to come.

Jon Ashworth is Labour MP for Leicester South.