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.
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 said Mr Brown's economic strategy had "fundamentally failed" and accused him of hiding from the truth of past policy failures.
The Conservative leader said Mr Brown's economic strategy had "fundamentally failed" and accused him of hiding from the truth of past policy failures.
Labour's mistakes had led to the downturn which was now hurting families and businesses, he stressed.
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.
Mr Cameron stressed his still supported Mr Brown's bank rescue plan.
'Irresponsible'
'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.
But in a speech in the City of London, he accused Gordon Brown of presiding over a "complete and utter failure" of economic policy.
Over the past ten years, he said Labour had been an "irresponsible government" presiding over a period of "irresponsible capitalism".
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 Britain down".
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 Britain down".
He argued that short-term action was not enough and a long-term plan was needed to rescue the economy.
He argued that short-term action was not enough and a long-term plan was needed to rescue 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.
He accused Labour of wanting to "close the debate" over the state of the economy and "hide from the truth" over its failure to rein in public and private spending, accusing it of "intentional" negligence.
He accused Labour of wanting to "close the debate" over the state of the economy and "hide from the truth" over its failure to rein in public and private spending, accusing it of "intentional" negligence.
'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."
"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
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".
He
He
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".
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