David Cameron has outlined our long-term economic plans and stressed that economic responsibility is the key to repairing our broken economy.
He attacked Labour's "mistaken" economic policy of the last ten years, and said Gordon Brown's economic record now lies "in ruins".
"Over the past decade, we have seen a total breakdown of economic responsibility. From the Government, as it has spent and borrowed without restraint. And from our financial sector, which has taken decisions which have harmed the rest of our economy. So it is not more freedom that our economy needs; it is more responsibility."
David stressed that short-term action to get through the crisis would not be enough - we need a long-tem plan to rebuild our economy:
"We need to change from irresponsible capitalism and irresponsible Government, to responsible free enterprise and responsible Government."
He set out exactly what we mean by economic responsibility:
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A responsible fiscal policy, with an independent Office of Budget Responsibility to hold every government to account
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A responsible financial policy, bolstered by a renewed role for the Bank of England in monitoring overall debt levels
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A responsible attitude to economic development, which fosters more balanced economic growth
David said that Gordon Brown’s economic strategy had "fundamentally failed" and he stressed that the Prime Minister won't be able to escape blame for the economic crisis.
"Gordon Brown is hoping that his whirlwind of summitry will mean that we will forget what has come before. Forget that he stripped the Bank of England of its powers to supervise the city. Forget he accelerated - how he actively encouraged - the risk taking culture in our banks.
Forget that he promised - time and time again - that he had abolished boom and bust. Forget that – as we enter a downturn, where jobs, home and livelihoods will be lost – that he was the one who created this mess in the first place.
But I won’t forget – and the British people won’t forget."
Read David's speech in full