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Tories pin economic woes on Brown Osborne attacks Brown on economy
(40 minutes later)
Shadow Chancellor George Osborne will pin the blame for the present economic crisis on Gordon Brown, in a speech to the Policy Exchange think tank. Gordon Brown's reputation for economic prudence is "in tatters" with families feeling the pinch of the UK's failing competitiveness, George Osborne says.
"At the root of the problem is the failure of the government's economic policy," he will say. In a speech on the prime minister's handling of the nation's finances, the shadow chancellor said every one of Mr Brown's "fiscal rules" had failed.
A recent poll suggests 68% of voters are "not confident at all" in Labour's ability to handle the crisis. Take home pay "has been falling for more than two years", he said.
Ministers have called on banks and building societies to pass on recent interest rate cuts to borrowers. A Tory government would ease the credit crunch, improve competitiveness and get value for money for taxpayers, he said.
The Financial Times/Harris survey suggested the prime minister was less trusted on the issue of handling the country's economic problems than any other major Western European leader. In his speech to the Policy Exchange think tank, Mr Osborne firmly pinned the blame for the present economic crisis on Mr Brown.
Mr Osborne will say that Mr Brown had "rested his claim to competence on three pillars - stability, prudence and competitiveness". 'Stability, prudence and competitiveness'
"At the root of the problem is the failure of the government's economic policy," he said.
Mr Osborne said Mr Brown had "rested his claim to competence on three pillars - stability, prudence and competitiveness".
We have been supporting the system - through the Bank of England an extra £15bn has been put in to help them get through this difficult period Alistair DarlingWe have been supporting the system - through the Bank of England an extra £15bn has been put in to help them get through this difficult period Alistair Darling
He will add: "Instead, after a decade of worldwide growth, we have ended up with housing boom followed by bust, spending followed by debt, and a country finding it more and more difficult to compete. "Instead, after a decade of worldwide growth, we have ended up with housing boom followed by bust, spending followed by debt, and a country finding it more and more difficult to compete," he said.
"The Labour Party are not simply attacking their prime minister's style, they are attacking his decisions - the 10p income tax rise on the low paid, the failure to control the debt bubble, the inability to lead the country in difficult times."The Labour Party are not simply attacking their prime minister's style, they are attacking his decisions - the 10p income tax rise on the low paid, the failure to control the debt bubble, the inability to lead the country in difficult times.
"And so Labour is fighting itself instead of fighting for the country.""And so Labour is fighting itself instead of fighting for the country."
Mr Brown has said banks and building societies must pass on interest rate cuts to borrowers in a bid to help the mortgage market.Mr Brown has said banks and building societies must pass on interest rate cuts to borrowers in a bid to help the mortgage market.
The Bank of England has cut the base rate three times since December, but the cost of borrowing is predicted to continue rising. The Bank of England has cut the base rate three times since December, but the cost of borrowing is forecast to continue rising.
'Difficult time''Difficult time'
Chancellor Alistair Darling said the banks had to be prepared to play their part.Chancellor Alistair Darling said the banks had to be prepared to play their part.
"We have been supporting the system - through the Bank of England an extra £15bn has been put in to help them get through this difficult period," he told the BBC."We have been supporting the system - through the Bank of England an extra £15bn has been put in to help them get through this difficult period," he told the BBC.
"In turn, we want to ensure we can help businesses, we can help individuals and homeowners by helping reopen the mortgage market and making sure the benefits of the interest rate cuts the Bank of England has been able to put in place twice this year can be passed on."In turn, we want to ensure we can help businesses, we can help individuals and homeowners by helping reopen the mortgage market and making sure the benefits of the interest rate cuts the Bank of England has been able to put in place twice this year can be passed on.
"We know this is a difficult time. We've got to get through it and we can get through it. What we are saying is - we are helping the banks, the banks have got to help people as well.""We know this is a difficult time. We've got to get through it and we can get through it. What we are saying is - we are helping the banks, the banks have got to help people as well."
Mr Osborne's speech came as a Financial Times/Harris opinion poll suggests 68% of voters are "not confident at all" in Labour's ability to handle the crisis.
The survey also suggested that more than a third of people in the UK expected their financial position to worsen next year, although 44% said the credit crunch had so far had "no impact" on their lives.The survey also suggested that more than a third of people in the UK expected their financial position to worsen next year, although 44% said the credit crunch had so far had "no impact" on their lives.
Harris Interactive conducted the poll online with a total of 6,434 adults - of which 1,122 were in the UK. Harris Interactive conducted the poll of 1,122 in the UK online between 27 March and 8 April.