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Tories attack Brown over economy Tories attack Brown over economy
(about 1 hour 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.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". In a speech, he said the UK had the "worst public finances in Europe".
Mr Osborne also attacked Mr Brown over the Northern Rock crisis. But the government said the Conservatives were "failing to offer workable, thought-through solutions".
His comments come as the Conservatives attempt to undermine the prime minister's economic credentials. Mr Osborne's 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.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.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 OsborneHis 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.The blame "lies squarely and fairly with Gordon Brown", Mr Osborne argued.
Reforms planReforms 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.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.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.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." Responding to Mr Osborne's criticisms, Chief Secretary to the Treasury Andy Burnham said: "George Osborne continues to talk the British economy down but he is failing to offer workable, thought-through solutions.
"Instead, he is once again promising lower borrowing, on top of massive tax cuts and dozens of unfunded spending pledges. The sums simply don't add up and the black hole in his tax and spend plans would put jobs and mortgages at risk.
"The tough decisions we have taken in the past, making the Bank of England independent and putting Britain's finances on a sustainable footing, give us the strength to face the current international uncertainty."