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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.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.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 he 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." But he told an audience in the City of London: "We need change to mend our broken economy. This lot cannot do it - not least because they cannot own up to any mistakes."
The government instantly reacted to his words by accusing the Tory leader of indulging in "juvenile political games".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.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 CameronThe 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 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 policy.
He argued that New Labour had embraced free market economics "without question" without "properly understanding how it worked".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.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.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". 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.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 'Economic failure'
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.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 fullThe 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". "Some people think that this decision - to support recapitalisation - means that we somehow now subscribe to the government's entire economic policy and doctrine," said the Tory leader.
"Now, no doubt, Labour will start to talk about emergency repairs," he concluded. "Let me make it crystal clear - we do not.
"It is time to construct a house that is genuinely built to last." "And the complete and utter failure of their economic record has never been more clear to see."
Chief Secretary to the Treasury, Yvette Cooper, accused the Tory leader of indulging in "juvenile political games".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 disappointing the day after the CBI called on the Tories to avoid playing party politics David Cameron has descended to do 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."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.""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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