At the Conservative Party Conference, the Tory leader has pledged to be a responsible spender if he becomes Prime Minister and not become the “spendaholic” that he says Gordon Brown had become.
Cameron says: “At the heart of the economic crisis is the fact that the tap marked borrowing was turned on and was left to run. Our Government though it could go on forever with its folly of boom and bust.
“Our real test is to keep our nerve. We need to save in the good years so we can spend in the bad. I am a fiscal conservative and will stop the spending culture.”
Cameron criticised Labour’s tact of promoting its experience to solve the economic crisis. He says: “Experience is the excuse of the incumbent. The risk is sticking with what you have and expecting things to be different. I have been a member of the Treasury in the time of a crisis but that doesn’t matter. The Government’s main duty is to maintain sound money.”
Cameron also blamed the banks for the current situation. He says: “Bankers were also irresponsible, and the minute it all went wrong they came running for a bailout. The day of reckoning for them will come, but not today.”
The Tory leader commended Brown for his decision to make the Bank of England independent, but he says his best move was also his worst. “It was a good move,” he says, “but in doing so it took away their power to whistleblow debt. They took the referee off of the pitch. We need to restore the Bank of England’s power to limit debt in the economy – give it financial responsibility and allow it to reign in Government spending.”