Cameron attempts to woo City

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He claimed the Government's policies had left Britain's economy "in no fit state for the 21st Century".

Addressing an audience of key City figures, Mr Cameron said business had been stifled by tax and regulation and said the Conservatives would offer a new "economic dynamism" to attract investment.

But he appeared to rule out early tax cuts under a Conservative government, saying that economic stability must come first.

During a question and answer session after his speech, he said it was his "ambition to aggressively reduce business taxation" to bring the UK in line with other economies.

He acknowledged there was no "magic pot of money" but simplification of the system could mean "fewer tax breaks and lower tax rates".

Setting out his economic strategy, he said Gordon Brown had failed to provide the "reassurance" business needed.

He accused the Government of "dithering and delay" in the face of the credit crunch crisis as a new poll showed public confidence at an all-time low.

Mr Cameron, whose party leads the polls on the key issue of economic competence, said: "On the financial crisis, we have seen dithering and delay - instead of decisive action.

"As the tide of debt-fuelled economic growth recedes, we are now seeing the rocks exposed - the rocks of an economy that is in no fit state for the 21st century."