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George Osborne has accused Labour of "playing havoc with the public purse" after it was revealed they are on course to borrow a record-breaking £67 billion this year.
The Shadow Chancellor attacked Gordon Brown for maxing out the nation’s credit card after the Office of National Statistics released the latest set of public sector finance figures.
"Gordon Brown's failure to prepare Britain means that borrowing has reached record levels before we've seen the worst of the downturn and before he embarks on a further borrowing binge."
George slammed Labour for planning to borrow even more money to try to spend a way out of recession - and he stressed:
"To clear up this mess and set Britain on a path to lasting tax cuts, we need to slow the growth of government spending from 2010 and we need an Office of Budget Responsibility so that never again can a Government play havoc with the public purse."
George is Shadow Chancellor of the Exchequer. He has worked in a wide range of departments during his political career.
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They say if you repeat a lie enough, people will start to believe it. Gordon Brown is banking on you believing that he won't cut public spending. Don't let him take you for a fool.
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Shadow Chancellor, George Osborne and Shadow Cabinet Office Minister, Francis Maude, launched a consultation on a series of proposals, entitled It's Your Money, designed to create a new culture of financial discipline across Government.
Promoted by Alan Mabbutt on behalf of the Conservative Party, both at 30 Millbank, London, SW1P 4DP