Tories set out economic alternative

Sep 28 2008

The Conservative Party conference is getting under way with David Cameron promising to set out an "alternative" to the Government's economic policy.

The Tory leader backed "short-term" action to protect savers and empower the Bank of England to rescue failing institutions.

He also demanded long-term steps to curb debt levels in the public and private sectors.

Amid continuing global financial turmoil, Mr Cameron insisted it would not be "right" to comment on speculation that Bradford and Bingley is about to be nationalised.

But he added: "In the short term we should legislate to show we are going to protect deposits and savings.

"We also need to give the Bank of England more powers to step in and save failing institutions."

Mr Cameron, speaking as he arrived in Birmingham, said the level of debt being carried by both the Government and the private sector would need to be addressed, and hit out at Labour for being too free and easy with public money.

"I do think that they have been very casual with taxpayers' money.

"We've seen an enormous explosion of debt."

He added: "At a time of economic difficulty it's particularly important that we are here setting out that there is an alternative."