Osborne outlines plan for the economyLessons must be learned, says shadow chancellor

10 June 2009

George Osborne

George Osborne has warned that economic recovery can only happen if lessons are learned from the past. 

In a speech to the Association of British Insurers, Mr Osborne said that 'the model of economic growth pursued over the last ten years is fundamentally broken'.

The shadow chancellor of the exchequer also accused the Labour government of being in a state of 'civil war' and 'incapable of looking beyond the next twenty-four hours'.

Three-step plan

Mr Osborne identified three key priorities that a Conservative government would address, if they win the General Election. These were 'restoring Britain's international credibility and preserving our credit rating; making the transition from an economy built on debt, to one built on savings and investment; and refocusing our economy from the rush for short-term gains to the pursuit of long-term returns.'

Liberal criticism 

George Osborne's vision for economic recovery was roundly criticised by the Liberal Democrats, whose treasury spokesman Lord Oakeshott said: 'George Osborne said that he was going to set out a new British economic model. But yet again, all we got from the Tory Shadow Chancellor was another critique of what went wrong without any real specifics about what his party would do were they to make it to Number 10.'

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