Tories attack Brown over economy

The Tories stepped up their assault on Gordon Brown's economic record, accusing him of leaving Britain at the mercy of worsening global conditions.

Shadow chancellor George Osborne lambasted Mr Brown for failing to "fix the roof when the sun was shining" during his decade in Number 11.

The comments are part of a concerted effort by the Conservatives to undermine the Prime Minister's economic credentials, which have previously been seen as his greatest strength.

The party's strategists believe that he has been left vulnerable by the Northern Rock crisis and a slew of poor economic data. They are planning to make the topic a key battleground over the coming weeks.

Giving a speech at the London School of Economics, Mr Osborne said the rapid development of China and India had kept inflation low around the world.

"Our competitors used the fat years to prepare for the lean years. Britain did not," he insisted. "We are the least prepared country in the developed world to cope with the current financial turbulence."

Mr Osborne said the blame for economic problems "lies squarely and fairly with Gordon Brown". He added: "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.

"His taxes and regulations have left the British economy more inflexible and less competitive."

Mr Osborne pledged reforms including bringing in independent oversight of the Government's financial rules to ensure they cannot be "bent" for political purposes.

"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," he added.