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Cameron attacks PM over economy Cameron attacks PM over economy
(about 2 hours later)
David Cameron will accuse Gordon Brown of presiding over a "complete and utter failure" of economic policy in a speech in the City of London later. David Cameron has accused Gordon Brown of presiding over a "complete and utter failure" of economic policy in a speech in the City of London.
The Conservative leader will say he does still support the government's package to stabilise banks. The Conservative leader stressed he did still support the government's package to stabilise banks.
But he will argue that short-term action is not enough and a long-term plan is needed to rebuild the economy. But he argued that short-term action was not enough and a long-term plan was needed to rebuild the economy.
He will say Mr Brown has "spent and borrowed without restraint" and ignored warnings about the consequences. He argued that Mr Brown had "spent and borrowed without restraint" and ignored warnings about the consequences.
The BBC's political correspondent Carole Walker said Mr Cameron's speech on Friday appeared to signal the end of a truce between Labour and the Tories over the financial crisis. Mr Cameron's speech on Friday appeared to signal the end of a truce between Labour and the Tories over the financial crisis.
'False assumptions''False assumptions'
Mr Brown's handling of the crisis has brought an upturn in his poll ratings, but Mr Cameron will say the prime minister cannot hide from mistakes he made as chancellor. Mr Brown's handling of the crisis has brought an upturn in his poll ratings, but Mr Cameron said the prime minister could not hide from mistakes he made as chancellor.
"Some people think that this decision - to support recapitalisation - means that we somehow now subscribe to the government's entire economic policy and doctrine," he will say. "Some people think that this decision - to support recapitalisation - means that we somehow now subscribe to the government's entire economic policy and doctrine," he said.
"Let me make it crystal clear - we do not."Let me make it crystal clear - we do not.
"And the complete and utter failure of their economic record has never been more clear to see." We have seen a total breakdown of economic responsibility David Cameron"And the complete and utter failure of their economic record has never been more clear to see." We have seen a total breakdown of economic responsibility David Cameron
The Tory leader will accuse the prime minister of basing his economic policy on "false assumptions". The Tory leader accused the prime minister of basing his economic policy on "false assumptions".
Among them were the ideas that a successful economy could be built on a "narrow base of housing, public spending and financial services" and "that you could abolish boom and bust and that the good times would last forever".Among them were the ideas that a successful economy could be built on a "narrow base of housing, public spending and financial services" and "that you could abolish boom and bust and that the good times would last forever".
"Over the past decade, we have seen a total breakdown of economic responsibility," he will add. "Over the past decade, we have seen a total breakdown of economic responsibility," he added.
Mr Cameron will call for a range of new measures which he says will rebalance the economy. Mr Cameron called for a range of new measures which he said would rebalance the economy.
He wants to see much tougher regulation of the banking sector and changes to the insolvency laws to protect sound but struggling businesses.He wants to see much tougher regulation of the banking sector and changes to the insolvency laws to protect sound but struggling businesses.
He will also say that Britain should broaden its economic base "to include more science, more hi-tech services, more green technologies, more engineering and more high-value manufacturing". He also said Britain must broaden its economic base "to include more science, more hi-tech services, more green technologies, more engineering and more high-value manufacturing".