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Cameron attacks PM over economy | Cameron attacks PM over economy |
(10 minutes later) | |
David Cameron has broken his truce with Gordon Brown over the financial crisis and launched a stinging attack on the PM'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 said in a speech. | |
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 he told an audience in the City of London: "We need change to mend our broken economy. This lot can not do it - not least because they can not own up to any mistakes." | |
The government instantly reacted to his words by accusing the Tory leader of indulging in "juvenile political games". | |
In his speech, Mr Cameron said "irresponsible" decisions made by Mr Brown when he was chancellor had led to a period of "irresponsible capitalism" and only the Conservatives had a plan to bring it back under control. | |
The complete and utter failure of their economic record has never been more clear to see David Cameron | |
He said he would "never pull my punches in explaining how this government has brought Britain down" and accused Mr Brown of a "complete and utter failure" in economic failure. | |
He argued that New Labour had embraced free market economics "without question" without "properly understanding how it worked". | |
And he said Mr Brown had "spent and borrowed without restraint" and ignored warnings about the consequences. | |
The failure to control public and private spending over the past decade, leading to unsustainable debt levels, was an act of "intentional" negligence on the part of the government. | |
This led to 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. |
In contrast, Mr Cameron said he would entrench fiscal responsibility in government by setting up a new independent body - the Office of Budget Responsibility - to hold ministerial spending to account. | |
Balanced economy | |
Mr Cameron called for a range of new measures which he said would create a more "balanced and resilient economy", saying Britain had become too dependent on property and financial services to generate its wealth. | |
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. |
The Tories have had enough of hearing that Gordon Brown is a super hero and they've decided to try to bring him down to earth Nick RobinsonBBC political editor Read Nick's blog in full | |
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". |
"Now, no doubt, Labour will start to talk about emergency repairs," he concluded. | |
"It is time to construct a house that is genuinely built to last." | |
Chief Secretary to the Treasury, Yvette Cooper, accused the Tory leader of indulging in "juvenile political games". | |
"It is disappointing the day after the CBI called on the Tories to avoid playing party politics David Cameron has descended to exactly that," she said. | |
"It is ever more clear that the strategy of bipartisanship adopted by David Cameron at his party conference was just a short term gimmick to get on the news, exactly the same rationale as his intervention today. | |
"But at a time when the British people want calm leadership and serious policies to get through tougher times, David Cameron is engaged in playing juvenile political games." | |
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