The economy has prospered on the basis of people spending money they didn't have,and that was only going to end in tears.
Now I suppose those who have set money aside for their retirement will have their savings raided to bail out those who have spent beyond their means.If so,I suggest Gordon Brown's troubles are only just beginning.

Andrew Pittman, Bristol, UK

i will be happy when this labour lot get booted out after the next election!

Tim, london, england

TAX, TAX, TAX. This is what Labour meant, just how much has this government squandered over the last 11 years. Brown say the economy has his focus. he's just given 200 million pounds of our money to Africa, where is his focus home or abroad?

steve tea, manchester, cheshire

I don't think Brown is the only culprit,I think human greed had a lot to do with it.You're probably correct in saying 2012 will be a good year.The Olympics and maybe a Diamond Jubilee abd all that.However,that all seems a long way off right now and things may get worse before they get better.

stephen hulton, eure, france

We must also blame silly people who paid too much for homes, especially buy to let. If sales are down, prices soon follow and the unrestricted immigration has also been a big factor as people have to live somewhere and many have been given council housing over those who were born in Britain.

B J Deller, Marbella, Spain

Any one of us could have engineered the economic growth/mirage Brown keeps boasting about. Inherit sound finances; raise borrowing, lots of it; raise taxes, raid pensions; then spend, and spend. Of course the GDP balloon you create will stay airborne for some while and Brown's since pipped it through into No 10. Our economy now faces a pernicious 'liquidity trap' and even if lower interest rate could work the BoE can't lower them lest Sterling to tank any further. Unlike our peers, our 'service economy' means we can't export ourselves out of trouble this time. Catastophe Gordon has left us in the pickle and the can with Mr Darling.

Dominic White , London, England

A CONSERVATIVE criticising boom and bust!!!!! Dear God, is there no end to their insolence

eric campbell, harrogate, uk

What experience does Obourne have, other than carping? This government bailed out Northern Rock. Would the Tories have allowed 700,000 mortgage holders loose their homes?

Catherine Brown, Oxford, UK

"The Shadow Chancellor also backed banks’ calls to be allowed to swap debt for cash to help free up the mortgage market."

Fire up those printing presses; Weimar here we come!

Ian Mills, Weybridge, UK

Last time the Tories tried to control credit and interest rates George Soros took UK LTD to the cleaners.I thought the Tories agreed that you can not buck the markets.I am surprised they have forgot "Black Wednesday" after it was Cameron who was the adviser to the Treasury at the time when the UK had a financial disaster.The UK public and media have short memories

Bill Rees, Truro, Cornwall

This is a blip not a burst. Give it a few more months...

Farrukh, Woking, UK

didn't hear the tories squealing when they were creaming off the benefits of the asset price bubble.

John McAllister, Bristol, England

Both conservatives and labour havent got a clue.
We are on the downslope of an 18 year housing cycle which should end around 2012. But from now till then it will get ugly.

louis blanc, Liverpool, UK