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Cameron attacks PM over economy Cameron attacks PM over economy
(10 minutes 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. David Cameron has broken his truce with Gordon Brown over the financial crisis and launched a stinging attack over Labour's handling of the economy.
The Conservative leader stressed he did still support the government's package to stabilise banks. The Conservative leader said Mr Brown's economic strategy had "fundamentally failed" and accused him of hiding from the truth of past policy failures.
But he argued that short-term action was not enough and a long-term plan was needed to rebuild the economy. Labour's mistakes had led to the downturn which was now hurting families and businesses, he stressed.
Mr Cameron stressed his still supported Mr Brown's bank rescue plan.
'Irresponsible'
But in a speech in the City of London, he accused Gordon Brown of presiding over a "complete and utter failure" of economic policy in a speech in the City of London.
Over the past ten years, he said Labour had been an "irresponsible government" presiding over a period of "irresponsible capitalism".
Marking an end of his party's support for the government's efforts to deal with the economic crisis, Mr Cameron said he would "never pull my punches in explaining how this government has brought down".
He argued that short-term action was not enough and a long-term plan was needed to rebuild the economy.
He argued that Mr Brown had "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.
Mr Cameron's speech on Friday appeared to signal the end of a truce between Labour and the Tories over the financial crisis. He accused Labour of wanting to "close the debate" over the state of the economy and "hide from the truth.
'False assumptions''False assumptions'
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.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 said."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 accused 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 added."Over the past decade, we have seen a total breakdown of economic responsibility," he added.
Mr Cameron called for a range of new measures which he said would 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 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".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".