Now if I where in power, my approach would differ a little:
I would also cut the size of government, 40% of the workforce is just ridiculous. But I wouldn't get rid of the BBC or the NHS, i'd reduce accountability - statistics only serve political purposes and swell the ranks of middle management rather than frontline services. I'd only be around a term anyway because i've no desire to hang on so political pointscoring would be meeningless to me, the longer you stay in politics, the more corrupt you become so if you want to do anything good you've got to do it quickly anyway.
I'd reform the electoral system and institute a system of proportional representation - far beyond what the Lib Dems are hoping for, with no regional segregation at all. All for one, one for all.
I certainly wouldn't have bailed out the banks, but I also realise that when a bank goes under savings are wiped out and the debts are sold off. So instead I would have issued compulsory purchase order for a penny to any bank wanting a bail out and then invested enough to regenerate the business and to sell it on for a profit.
We'd be out of the Middle East faster than you could say George W Bush, and i'd dramatically reduce the army after redefining it's roll for protection of sovereign territory only. Sufficient force to repatriate the Islas Maldivas, sorry Falklands, is all that is necessary. I'd be placing more consideration on the infrastructure to rearm quickly than to maintaining a permanent offensive force. In short, i'd put the D back in MoD.
I'd then be looking at reforming the whole taxation system, ensuring that taxes are simpler, thus reducing overhead (both for the state and the private sector). Currently taxes need to go up, so i'll not be promising any tax cuts for anyone, but the system will be simple enough you can do it without an army of accounts.
Then i'd nuke Ghana.