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| Version 0 | Version 1 |
|---|---|
| Tories attack Brown over economy | Tories attack Brown over economy |
| (about 6 hours later) | |
| Gordon Brown's running of the economy has made the UK the "least prepared country in the developed world" to cope with a global downturn, say the Tories. | Gordon Brown's running of the economy has made the UK the "least prepared country in the developed world" to cope with a global downturn, say the Tories. |
| Shadow chancellor George Osborne accused the prime minister of failing to "fix the roof when the sun was shining" during 10 years as chancellor. | |
| In a speech, he said "fiscal incontinence" had left the UK with the "worst public finances in Europe". | |
| Mr Osborne also attacked Mr Brown over the Northern Rock crisis. | |
| His comments come as the Conservatives attempt to undermine the prime minister's economic credentials. | His comments come as the Conservatives attempt to undermine the prime minister's economic credentials. |
| 'Double deficits' | 'Double deficits' |
| Party strategists believe recent data have left Mr Brown vulnerable on this issue. | |
| In his speech to the London School of Economics, Mr Osborne said: "Our competitors used the fat years to prepare for the lean years. Britain did not. | |
| His taxes and regulations have left the British economy more inflexible and less competitive George Osborne | His taxes and regulations have left the British economy more inflexible and less competitive George Osborne |
| "We are the least prepared country in the developed world to cope with the current financial turbulence. | "We are the least prepared country in the developed world to cope with the current financial turbulence. |
| "Our financial reputation has been badly damaged by the only run on a retail bank in the world. | "Our financial reputation has been badly damaged by the only run on a retail bank in the world. |
| "Our double deficits - external and fiscal - are worse than any other European economy. Taken together, they are worse than the United States." | "Our double deficits - external and fiscal - are worse than any other European economy. Taken together, they are worse than the United States." |
| The blame "lies squarely and fairly with Gordon Brown", Mr Osborne argued. | |
| Reforms plan | Reforms plan |
| He said: "He didn't fix the roof when the sun was shining. His 11 Budgets have left us with the worst public finances in Europe. | |
| "The system of financial oversight he personally insisted on left Britain as the only country facing a run on the bank. | "The system of financial oversight he personally insisted on left Britain as the only country facing a run on the bank. |
| "His taxes and regulations have left the British economy more inflexible and less competitive." | "His taxes and regulations have left the British economy more inflexible and less competitive." |
| Mr Osborne also accused Mr Brown of "boasting" about his economic competence, adding: "But his actions betray him. | |
| "It is his economic incompetence and fiscal incontinence that have Britain more exposed than any other developed economy to the current crisis." | "It is his economic incompetence and fiscal incontinence that have Britain more exposed than any other developed economy to the current crisis." |
| The Tories are proposing reforms including bringing in independent oversight of the government's financial rules to ensure they cannot be "bent" for political purposes. | |
| Mr Osborne said: "We must reform the failed fiscal rules so that never again do we borrow in a boom and leave our economy so exposed to a downturn." |