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Out of the blue: David Cameron said that the Conservatives did not see the crisis coming

We failed to spot collapse, Tories admit

Nicholas Cecil
13.03.09

David Cameron today owned up to Tory failings over Britain's economy which came close to collapsing.

In a move which will put fresh pressure on Gordon Brown to apologise for government mistakes, Mr Cameron admitted the Conservatives were part of a “cosy economic consensus” which did not spot the growing dangers.

Speaking to business chiefs in Birmingham this evening, the Tory leader was due to say: “The unsustainable debts in our banks are a reflection of unsustainable debts in our households, our companies and our Government.

“But if I'm honest, I have to admit that we – the Conservative Party – didn't see this as early as we could have.”

The Tory leader will also raise the prospect of tax rises, warning if the Tories win power they will be prepared to take unpopular decisions to get the economy back on track. “We will have to make more extremely difficult decisions on spending, borrowing, and taxation,” he was due to say.

Reader views (20)

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The Consevatives may not be up to much but they're infinitely better than the current bunch of incompetents.

- Chris, Brighton, England

Val Daniels speaks the plain simple and honest truth; new labour copied the Thatcher regime of sell everything and let the free market find its own level in our new service economy etc; and Like Pedro Dubai; many of us ordinary people remember where the destruction of the UK started.

Thatcher had North Sea Oil to supplement the destruction and sell-off; of our Nations industries and utilities; and she was obsessed with the destruction of unions forever; making the working classes weaker in rights; and unable to demand a fair wage for a fair weeks work etc.

The Miners were destroyed; aided by the wealth from North Sea Oil; which many thought would be better served; by investing that long gone wealth into our National infrastructure etc; instead of using it for political dogma and the destruction of our industrial ability etc.

To some that made fortunes; Thatcher was a goddess; to the rest of us that were her victims; she was the worst Prime Minister in British History; she started all the rot.

Clement Attlee was a builder; Margaret Thatcher was a destroyer; there lies the difference between the good, and the ugly.

New Labour should have followed Clement Attlee’s political morality; not Margaret Thatcher’s political immorality.

- Mickyinlondon, london

David Cameron has also failed to mention that it was Tory policy under Margaret Thatcher which introduced the financial free-for-all, and actually encouraged people to get into personal debt, almost portraying debt as fashionable. Any attempt to tighten regulation by Labour would have been denounced by the Tories as the "Nanny State". However, the Labour ministers were too busy "making hay" themselves to bother much about regulation. The whole lot of them are to blame for the financial disaster.

- Neil, Gloucestershire, England.

I think the reason the Tories did not spot the collapse is simple. The policies to the poor layman like me have surely remained unchanged since the days of the Thatcher government. Perhaps this view is too simplistic but I for one believe it is not too far from the truth.

If the Tories want to return to power they should stop using Thatcher policies as a springboard. What we need is a Government with fresh new ideas. Unfortunately New Labour has demonstrated none of these qualities during its term in offices.In fact if anything it has compounded the errors of the previous administration and more. And before anyone asks why I live overseas it is nothing to do with politics but entirely to do with the need to find gainful employment which at my age neither party could provide in UK as I did not want to be a burden on the state and rely on benefits for the rest of my working life.

- Pedro, Dubai UAE

Well ... the Conservatives apology for their failure to spot the collapse makes no sense at all. None of the world's leading experts (bankers, investors) saw it coming. Do the Conservatives really believe they know more about the economy and the financial situation Britain's mortgage banks than the experts? I don't think so for a minute, and that's why the apology also sounds a tad insincere to be.

What one *can* reproach the Conservatives for is that they have neglected to put up concrete ready-to-run alternative policies to those of the Government. The intellectual side of being in the opposition if you will. In that respect the Conservatives have a very poor record. Booing and jeering only go so far; at some point you have to point out what the Government should have done. And given all of Labour's policies on the NHS, education, housing, policing, energy generation, science, etc. etc. that shouldn't be too hard could it?

The most sickening excuse I have heard for this dearth of detailed ready-to-run alternative policies from the Conservatives is that they "didn't want the Government stealing their ideas".

I would have thought that the Conservatives were out to achieve the best possible outcome for Britain rather than their own party in the next elections. Well ... perhaps I was wrong.

But better late than never. Let's see the Conservative's plan to correct the current missteps.

- Golodh, London, UK

There's a lot of things call me Dave missed like his previous 40 point lead the do nothing Tattler Tories lost.
You're looking too much like Blue-Labour and people are starting to think better the one they know.
A public relations man as PM is a no no.

- Mike, London

Did not see the economic dangers?
Would this lot of wallies be any better then?

- Steve, Gloucestershire

I don't see Cameron saying it was the last Conservative governments fault. He says that he did not spot the crash coming.
This explains why you vote Liebour Val...you can't read.

- Dereck, London, England

It's not just spotting that things go wrong in time, it's having the intelligence, a mindset and some policies that would have reduced the severity of what has happened.

It has to be recognised that anything even a fraction as complex as world, let alone our national, economy and finance, and that excessive corporate profit and the greed for great personal wealth as main aims are always likely to destabilise major economies.

It's a bit late for Cameron to wring his hands now. It's very unlkely a Conservative government could and would ever learn from the mistakes of the past.

Val Daniels got it in one.

- Barrie, essex UK

To Val Daniels of Spain - if Labour are so great then why are you living in Spain?. My response to Labour rule is NEVER AGAIN.

- Mark Burton, St. Ives Cambs

I don't want anyone to apologise; I don't want anyone to navel gaze backwards about what could have been done.

I want someone to tell us what they ARE going to do to resolve the situation.

Labour have had 12 years - TWELVE years - to make this country better and they have failed. Tax rises, overpriced and late projects, two unwanted wars, no improvements in any area of public service apart from the size of government and the mendacity of MPs expense claims.

The Lib-Dems are a zero policy party with a so-called financial genius as an economics spokesman, but Vince Cable doesn't have an answer either.

At least the Tories will be a breath of fresh air after the corruption, spin and non-delivery we have had since 1997.

As with Boris in London, bring on the change.

- Nobby Clark, Perth, Scotland

At last David Cameron has admitted 'there were fundamental flaws in the economy pre the Labour government'. Are we to assume the false claim that the Conservatives left a golden economy that Labour squandered is now officially admitted by David Cameron to have been just that - false. Many have been saying for years that the Tories left a huge hole which the Labour government is still trying to repair. 4m unemployed, deregulation on a massive scale (building societies given permission to become banks)and look where that has led us. All utilities sold off to the private sector, and look where that has led us. Mining industry decimated and now we need the energy from coal it is no longer available as most of the mines are flooded. Social housing sold, with the result hundreds of thousands have been made homeless and millions of pounds spent unnecessarily on bed and breakfast accommodation for them. Almost 1m people transferred from unemployment benefit to long term disability payments by the Tories to hide the true level of unemployment. And now they have the gall to criticise this government who reduced the figure to 1.2m, until the recent downturn. There are people out there who want a Conservative government. There are also millions like me who remember the 18 years of Tory rule, and say, never again.

- Val Daniels, Mijas Costa, Spain

that being the case, the tories are not up to the job of running the country.
get vince cable in to run a coalition of the able and willing, with skills and apptitude. away with divisive party politics. let us have a meritocracy in power, that listens to the will of the people and explains the way forward and how best it is achieved.

- M.O'Brien, london.uk

I think Cameron is right but perhaps being too hard on himself and the conservative party. AFter all, Broon was doctoring the books and lying to us all and contrary to what his sycophantic follower Keith Price thinks, he did know we were in trouble and must apologise.

- Andrew E, Leaving the sinking ship England

..and he still has not worked out man made global warming does not exists. I still wait for that one.

- Dave Davies, Basingstoke, Hants

"Mr Cameron admitted the Conservatives did not spot the growing dangers."


At last Mr cameron admits his own party-s economic failings and that the PM is not responsible for the worldwide credit crunch and recession

- Keith Price, Luton, England

Thank heavens that a leading political figure is at last beginning to warn of the price we shall all have to pay for Brown's profligacy. If anyone thinks times are bad now, wait until taxes rise, inflation soars again and wages remain depressed. That is the likely long-term price and we shall all be suffering. Brown found life easy when the economy boomed and he was able to spend, befriend bankers and offer them knighthoods (as with the now reviled Sir Fred Goodwin) but he is hopelessly adrift on economic control.

- James Elliott, Eastbourne UK

To David Cameron,
you should of asked a man who knew,
his name is "SID" a good friend of Mrs Thatcher, also deregulation has played a big part, oh and greed of course ?.

- John ,, Scarborough, N. YKS, U.K.

Quote: In a move which will put fresh pressure on Gordon Brown to apologise for government mistakes, Mr Cameron admitted the Conservatives were part of a “cosy economic consensus” which did not spot the growing dangers.
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None of them have spotted the BNP growing daily; either.

- Mickyinlondon, london

"Mr Cameron admitted the Conservatives were part of a “cosy economic consensus” which did not spot the growing dangers."
Yes,but not just on the Economy either. There is a 'cosy consensus' between the Lib/Lab/Con on Immigration, the EU, Law and Order, Multiculturalism, Global so-called Free Trade, Foreign Policy, in fact most policy areas you can think of! BNP is the ONLY alternative.

- David Moon, Seaford, East Sussex, UK


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