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Osborne faces pressure over pound Osborne faces pressure over pound
(20 minutes later)
Shadow chancellor George Osborne has brushed aside criticism of his warning about the collapse of sterling.Shadow chancellor George Osborne has brushed aside criticism of his warning about the collapse of sterling.
Mr Osborne defended his comments about Gordon Brown's "irresponsible" policies and abandonment of fiscal prudence possibly leading to a run on the pound.Mr Osborne defended his comments about Gordon Brown's "irresponsible" policies and abandonment of fiscal prudence possibly leading to a run on the pound.
He had argued: "The more you borrow as a government... the less attractive your currency seems."He had argued: "The more you borrow as a government... the less attractive your currency seems."
Chancellor Alistair Darling questioned Mr Osborne's political judgement in "talking down" the pound.Chancellor Alistair Darling questioned Mr Osborne's political judgement in "talking down" the pound.
Speaking after the G20 financial summit in Washington, Mr Darling said he was surprised at Mr Osborne's comments, given the agreement among most world leaders on the need for tax cuts and public spending to boost their economies.Speaking after the G20 financial summit in Washington, Mr Darling said he was surprised at Mr Osborne's comments, given the agreement among most world leaders on the need for tax cuts and public spending to boost their economies.
Earlier, Mr Brown, also in Washington, said he was disappointed by Mr Osborne's "partisan talk".Earlier, Mr Brown, also in Washington, said he was disappointed by Mr Osborne's "partisan talk".
Defiant statementDefiant statement
Sterling has fallen sharply in recent weeks amid fears about a UK recession.Sterling has fallen sharply in recent weeks amid fears about a UK recession.
It has lost more than a quarter of its value against the dollar and hit a near-record low against the euro.It has lost more than a quarter of its value against the dollar and hit a near-record low against the euro.
On Saturday, Mr Osborne suggested in the Times that Mr Brown "doesn't care" how much he borrows.On Saturday, Mr Osborne suggested in the Times that Mr Brown "doesn't care" how much he borrows.
And he warned Britain was heading for a "collapse of sterling" if Mr Brown persisted with trying to borrow his way out of trouble.And he warned Britain was heading for a "collapse of sterling" if Mr Brown persisted with trying to borrow his way out of trouble.
Gordon Brown says politicians must work together during a crisisGordon Brown says politicians must work together during a crisis
His comments attracted criticism from Labour politicians, who said he had breached the convention that senior politicians do not predict a run on the pound.His comments attracted criticism from Labour politicians, who said he had breached the convention that senior politicians do not predict a run on the pound.
However, former Tory chancellor Ken Clarke said Mr Osborne had "made a perfectly sensible comment" about a possible fall in the value of sterling.However, former Tory chancellor Ken Clarke said Mr Osborne had "made a perfectly sensible comment" about a possible fall in the value of sterling.
He added: "I have never heard of any convention that opposition politicians - including the shadow chancellor - cannot comment on sterling."He added: "I have never heard of any convention that opposition politicians - including the shadow chancellor - cannot comment on sterling."
In a later statement, Mr Osborne said Britain was already witnessing "the largest fall in the pound in modern British history".In a later statement, Mr Osborne said Britain was already witnessing "the largest fall in the pound in modern British history".
He added: "Now behind-the-scenes spinning from the prime minister and his entourage in America is fuelling speculation that the government is planning to borrow recklessly for a big unfunded tax con.He added: "Now behind-the-scenes spinning from the prime minister and his entourage in America is fuelling speculation that the government is planning to borrow recklessly for a big unfunded tax con.
"That will leave the British people with higher debts and higher taxes in years to come.""That will leave the British people with higher debts and higher taxes in years to come."
However, he said Mr Brown's policies were "one of the reasons" rather than the sole cause of the pound's fall, and did not repeat his prediction of a sterling collapse. By the actions we take, savings are safe, people will be able to keep their jobs, they will not lose their homes in all of our countries Gordon Brown class="" href="/1/hi/uk_politics/7731932.stm">Brown heralds G20's 'route map' However, he said Mr Brown's policies were "one of the reasons" rather than the sole cause of the pound's fall, and did not repeat his prediction of a sterling collapse.
Meanwhile, Liberal Democrat Treasury spokesman Vince Cable said Mr Osborne's comments were "baffling".Meanwhile, Liberal Democrat Treasury spokesman Vince Cable said Mr Osborne's comments were "baffling".
"George Osborne has apparently failed to notice the fact we've already had a run on the pound, but it's happened gradually rather than in one dramatic moment as with the ERM under the last Tory government," he said."George Osborne has apparently failed to notice the fact we've already had a run on the pound, but it's happened gradually rather than in one dramatic moment as with the ERM under the last Tory government," he said.
Political pollsPolitical polls
Meanwhile, a Sunday Times poll suggests the prime minister's handling of the economic crisis is going down well with the British public.Meanwhile, a Sunday Times poll suggests the prime minister's handling of the economic crisis is going down well with the British public.
Research by YouGov showed the Tory lead over Labour at its lowest this year.Research by YouGov showed the Tory lead over Labour at its lowest this year.
It also suggested the prime minister and Alistair Darling were more trusted to deal with the economic situation than Mr Cameron and Mr Osborne, by a margin of 36% to 25%.It also suggested the prime minister and Alistair Darling were more trusted to deal with the economic situation than Mr Cameron and Mr Osborne, by a margin of 36% to 25%.
However, there was better news for the Tories in a poll for the Independent on Sunday.However, there was better news for the Tories in a poll for the Independent on Sunday.
The research by ComRes indicated they had stretched their lead by three points to 11% over the past month.The research by ComRes indicated they had stretched their lead by three points to 11% over the past month.
The Conservatives were on 43%, Labour was up a point on 31%, while the Liberal Democrats were down 4% on 12%.The Conservatives were on 43%, Labour was up a point on 31%, while the Liberal Democrats were down 4% on 12%.