He has broken ranks with Gordon Brown who has repeatedly told us Britain is well prepared to weather the storm.
If so, why are UK firms jumping ship to avoid Gordon Brown's Corporation Tax regime?
If so, why did unemployment rise by 60,000 people between April and June, and why did Professor Blanchflower, an independent member of the Monetary Policy Committee warn there may be over 2 million people unemployed by Christmas?
Gordon Brown has attempted to pass the buck for present economic woes to global factors. No government can avoid global economic forces, but some can manage the nation's economy better than others.
Labour has failed dismally to prepare the UK for global economic instability. Despite 15 years of economic growth we have the largest budget deficit in the industrial world, apart from Pakistan, Egypt, and Hungary. Public debt is soaring and with zero growth in the economy the Chancellor has been left no room for manoeuvre by his predecessor.
As economic woes mount so splits at the heart of this Government are revealed.
A Conservative government will take the politics out of crucial economic judgments that affect the long-term stability of our economy. This includes independent assessment of any fiscal rules; a truly independent Office of National Statistics to bring greater credibility to Government figures (remember how Brown's sustainable investment rule has been fudged); and continued setting of interest rates by the independent Bank of England. We would also maintain competitive business taxes and only spend what the economy can afford.
