William Hague, the Shadow Foreign Secretary, has argued that the biggest risk for Britain is five more years of Gordon Brown.
Speaking to the Royal United Services Institute for Defence and Security Studies, he said that "our ability to undertake economic modernisation will be critical to Britain’s future influence".
"When capital, labour and technology are increasingly mobile we cannot stand still", he said. "That is why James Dyson’s report about how we can give more weight to science and technology in our economy is so welcome".
"That is why our proposals on business taxation are oriented towards attracting and maintaining investment, why our programme of education reform explicitly draws from best practice across the globe, from Alberta to Sweden to Singapore, to ensure we make the most of every young person’s talent in the future."
Hague warned that the modernisation our economy needs is not guaranteed. "If our opponents’ mistaken arguments and mistaken principles prevailed Britain will move backwards towards a ’70s style model, with a bigger say for the trade unions who want to impose rigidity and unaffordable regulation across the public and private sector. The bridge will be drawn up against innovation and investment."
He also warned that Labour is no longer "the outward-looking thinking of the late 1990s", but that it's taking "an explicitly old-fashioned Left approach" - particularly in selecting candidates who are "hardened union activists with a track record in resisting modernisation".
Hague said Gordon Brown was right to refer to the economy being "at a crossroads" in a speech he gave today. "We could continue with five more years of his debt, waste and taxes. We know where that would lead - just yesterday an international credit rating agency warned that Labour's plans would result in the loss of our credit rating. "
"That would be a catastrophe for our economy and for our reputation around the world", he said.
"So the biggest risk for Britain is five more years of Gordon Brown. The alternative is to change direction, deal with our debts more quickly and restore confidence in our economy. A new Conservative Government will be a chance to send the signal far and wide that Britain is once again open for business."
Click here to read William Hague's speech in full