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Osborne stands by economy warning Osborne stands by economy warning
(10 minutes later)
George Osborne has dismissed criticism of his warning of a collapse of sterling, saying it is his job to tell the public the truth about the economy.George Osborne has dismissed criticism of his warning of a collapse of sterling, saying it is his job to tell the public the truth about the economy.
The shadow chancellor said sterling had fallen to a 13-year low. Markets were looking at "economic fundamentals", not what politicians were saying, he said.The shadow chancellor said sterling had fallen to a 13-year low. Markets were looking at "economic fundamentals", not what politicians were saying, he said.
Chancellor Alistair Darling has accused Mr Osborne of "talking down" the pound.Chancellor Alistair Darling has accused Mr Osborne of "talking down" the pound.
But there was no convention politicians did not talk about sterling's value, Mr Osborne said.But there was no convention politicians did not talk about sterling's value, Mr Osborne said.
The row follows an article in the Times on Saturday in which Mr Osborne warned that Britain was heading for a "collapse of sterling" if the government kept trying to borrow his way out of trouble.The row follows an article in the Times on Saturday in which Mr Osborne warned that Britain was heading for a "collapse of sterling" if the government kept trying to borrow his way out of trouble.
'Worst prepared''Worst prepared'
The prime minister criticised his comments as "partisan talk", while Mr Darling said he was surprised as most world leaders agreed on the need for tax cuts and public spending to boost their economies.The prime minister criticised his comments as "partisan talk", while Mr Darling said he was surprised as most world leaders agreed on the need for tax cuts and public spending to boost their economies.
But Mr Osborne told BBC One's Andrew Marr Show: "My job as shadow chancellor is to tell the British people the truth about the British economy."But Mr Osborne told BBC One's Andrew Marr Show: "My job as shadow chancellor is to tell the British people the truth about the British economy."
The choice is very clear. Fiscal responsibility under the Conservatives, fiscal incontinence and imprudence under Labour George Osborne Brown heralds G20's 'route map'The choice is very clear. Fiscal responsibility under the Conservatives, fiscal incontinence and imprudence under Labour George Osborne Brown heralds G20's 'route map'
He did not repeat his warning about a possible collapse of sterling but said it has already fallen more than it had under Labour governments in the 1960s and 70s, and after Black Wednesday - when Britain crashed out of the European Exchange Rate Mechanism.He did not repeat his warning about a possible collapse of sterling but said it has already fallen more than it had under Labour governments in the 1960s and 70s, and after Black Wednesday - when Britain crashed out of the European Exchange Rate Mechanism.
He said Britain had the "worst prepared economy" for a recession with high levels of personal debt.He said Britain had the "worst prepared economy" for a recession with high levels of personal debt.
And he said that "despite what Gordon Brown says" there was no global consensus that countries should borrow without limit.And he said that "despite what Gordon Brown says" there was no global consensus that countries should borrow without limit.
He said all tax cuts had to be properly funded but accused the prime minister of wanting to "max out the nation's credit card" to pay for a "tax con" that the public eventually would have to pay back.He said all tax cuts had to be properly funded but accused the prime minister of wanting to "max out the nation's credit card" to pay for a "tax con" that the public eventually would have to pay back.
He added: "I am telling the public the truth and that is the job of elected politicians, particularly opposition politicians, in difficult times."He added: "I am telling the public the truth and that is the job of elected politicians, particularly opposition politicians, in difficult times."
'Fiscal incontinence ''Fiscal incontinence '
Mr Osborne said sterling on Friday had already fallen to "a 13-year-low against a basket of currencies" and "hard headed markets" were making judgements about the British economy - not what politicians were saying.Mr Osborne said sterling on Friday had already fallen to "a 13-year-low against a basket of currencies" and "hard headed markets" were making judgements about the British economy - not what politicians were saying.
"The reason why sterling has fallen by more than 25% is because they don't believe Gordon Brown when he says Britain is better prepared than other economies," he said."The reason why sterling has fallen by more than 25% is because they don't believe Gordon Brown when he says Britain is better prepared than other economies," he said.
Politically, Team Brown believe the Tories have made a huge mistake Read Nick Robinson's blog in fullPolitically, Team Brown believe the Tories have made a huge mistake Read Nick Robinson's blog in full
Mr Osborne was asked whether he was secure in his job - after reports some Conservatives wanted him replaced as shadow chancellor.Mr Osborne was asked whether he was secure in his job - after reports some Conservatives wanted him replaced as shadow chancellor.
He said he was "absolutely sure" he was doing the right thing and making the right "judgement calls" on the economy.He said he was "absolutely sure" he was doing the right thing and making the right "judgement calls" on the economy.
He said he and Tory leader David Cameron worked together "very closely" both on the economy and in his role as election co-ordinator.He said he and Tory leader David Cameron worked together "very closely" both on the economy and in his role as election co-ordinator.
He said the party was "deadly serious" about not taking risks with public money and was "determined to look after Britain's future not defend the record of a failed government from the past".He said the party was "deadly serious" about not taking risks with public money and was "determined to look after Britain's future not defend the record of a failed government from the past".
He added: "The choice is very clear, change under the Conservatives, more of the same under Labour. Fiscal responsibility under the Conservatives, fiscal incontinence and imprudence under Labour."He added: "The choice is very clear, change under the Conservatives, more of the same under Labour. Fiscal responsibility under the Conservatives, fiscal incontinence and imprudence under Labour."
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.
Poll changesPoll changes
Mr Osborne has been criticised by Labour politicians, who said he had breached the convention that senior politicians do not predict a run on the pound.Mr Osborne has been criticised by Labour politicians, who said he had breached the convention that senior politicians do not predict a run on the pound.
But the shadow chancellor pointed to a comment by the Conservative former chancellor Ken Clarke, who said: "I have never heard of any convention that opposition politicians - including the shadow chancellor - cannot comment on sterling."But the shadow chancellor pointed to a comment by the Conservative former chancellor Ken Clarke, who said: "I have never heard of any convention that opposition politicians - including the shadow chancellor - cannot comment on sterling."
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%.