Mark Davies on this thread calls the Osborne warning 'political mischief making.' I remind him that there was a serious run on the pound in the wake of Suez 1956 and the Labour party lit the fuse with the worst of the Tory Government's enemies. Every party is entitled to warn of looming disaster.

Cassandra, Highgate , UK

Osborne is only stating the obvious. Now George, tell us just how we can sustain our miracle economy where we don't actually make anything.

Mick, Leeds,

I've always held the belief that Labour would eventually bring the pound down to the value of the Euro.The next statement will be 'we must join Europe to survive' and the Euro will be forced on us.
Goodbye the pound.
All hail the Euro

N Morgan, Stockport, UK

In 2005 when Brown, as Chancellor, manipulated the cycle so that he would meet his 'Golden Rule' everyone predicted that it would cause problems by 2007 needing tax increases as borrowing was getting out of control.
The economy was damaged for his PM ambitions.
This tax give away is the same.

Eddie, Cheshunt, Herts

It's over for sterling. Foreign investors no longer have confidence in UK plc, and some are voicing concerns that at some point the British govt will renegue on some of its debt liabilities. Not impossible, and it could happen.

Soon we will have the Euro, and the Pound will be a fond memory.

Ed, London, UK

May be it is time for UK to join the Euro Zone.

Bruno, Cesena, Italy

I did think that putting interest rates up would have done the currency more good. But I look to my own debts and think of myself first, as did most of us.

Sue Doughty, Twyford, UK

George Osborne has been completely discredited by his obvious lack of experience and, more fundamentally, ideas. It speaks volumes that he is quite prepared to talk the country down in an attempt to save his political life. It is too late for this, the hour came and George Osborne was unseen.

Carl, London,

".... including a greater role for the International Monetary Fund in helping struggling countries...."

Of which the UK will be one. Very soon.

Jon Leigh, Southern, France

The £ is down 30% this year from $2.11 to $1.48. It is possible Brown would like the run to continue to boost exports which he may hope can get him out of his hole. But, if so, is there enough current and future demand for UK exports (most of which are substitutable services) to make the difference?

Nick, Athens,

Obviously, Brown desperately wants concerted action because that may well fend off the inevitable rapid fall in Sterling that will surely follow from piling up yet more debt to underpin UK tax cuts. If he fails, any 'stimulus' will be minimal and raised expectations will be dashed.

m collins, Leeds,

George should stick to his pointing up gordan brown's wholly irresponsible borrowing & spend policy. It hasn't worked before and won't work know. Brown is determined to stay in power even if the uk goes to the devil.

mike gunston, dursley, glos

I can’t believe that Gordon Brown has been getting away with pretending that this crisis has nothing to do with him – as if he wasn’t the person who recklessly spent in the good times (rather than saving for the hard times). The position we are in now requires good housekeeping – not increasing debt

Stephen, Cambridge,

George Osborne is right to point out the serious nature of the situation and Gordon Brown should have already involved all the other party leaders about the best approach. Also the recent panic interest rate decision of the BoE has not helped; damaging UK plc's credibility with overseas investors.

john , milton keynes,

A view from the sidelines: as a citizen of the eurozone [Netherlands] who frequently visits Britain I have noticed that the recent drop in the pound/euro exchange rate has led to shop prices on both sides of the Channel now being roughly comparable.

Eric den Hollander, Raalte, Netherlands

I consider Osbourne to be a distortive alarmist whos purpose is to undermine the Labour Party at any cost..........Its one negative drone after another from this opportunists quest for power....shamefull when he is completely void of realistic strategys..out of touch toff tosh is his daily rendering

Eric, Southwick, England

Pound is down 10 % against Hungarian Forint this year.
It implies Hungary is doing better then UK.
As you may know Hungary was bailed out by IMF...

Sandor, London,

What do you expect if you move abroad + convert into a different currency. When the Euro to the £ was 1.50+ you were laughing. Blaming Brown for a world wide problem is ludicrous.

A Thomas, Lanchester,

It is hardly surprising that Brown would prefer his policies not to be criticised, however irresponsible that they might be. The opposition, however, has a duty to oppose dangerous and disastrous policies such as those espoused by the reckless Brown.

James E. Petts, Burnham, England

I note that Brown isn't complaining that Osbourne is wrong - merely that he shouldn't talk about what is obvious to anyone with any knowledge of economics. How typically New Labour.

John, York,

Alan Lewis, Bangkok, Thailand
If it is a global problem, if all countries are suffering economic problems, why is it that it is only the pound that has been devalued by 22.5% in the last year or so against the Euro and the Dollar??? It is Gordon Brown's fault pure and simple.

Richard, Alicante, Spain

A Thomas, Lanchester. One expects normal, moderate fluctuations in exchange rates but such extreme devaluation as we have seen in the last year points clearly to total incompetence on the part of the government. We are receiving a pension for which we have paid for 44 years. It is not a freebie.

Richard, Alicante, Spain

People Of England:

"Gordon 'they named a dip inthe gold market after me' Brown, your usurping power without an election is 'regerettable'."

Zen, London,

G Brown has no right not to be criticised and the Opposition has every right to say how they see it. Darling caused a plummet of the Stockmarket with his forecast so are they saying Osborne is so important he can influence the £? A truce was called but GB made nasty digs whenever he could.

R Grant, Whitstable,

Anyone doubting that the strategy of unfunded borrowing cannot lead to a run on the pound should read Willem Buiter's latest Blog in the FT, which can be found here: http://blogs.ft.com/maverecon/
Buiter has been right at nearly every stage of this crisis, and we ignore his warnings at our peril.

Martin , Marlborough, UK

I urge those who dismiss a possible run on the pound to read Willem Buiter's latest FT blog, entitled "Reykjavik-on-Thames"
http://blogs.ft.com/maverecon/
Buiter has been right at nearly every stage of this crisis, and we ignore him at our peril. Osborne is right to raise this important issue.

Martin, Marlborough, UK

A Thomas, Lanchester. We are not asking for a tax-payer bailout. We are asking for a decent competent government who protects our investment in 44 years of working and paying taxes, private pension and NI contributions in Britain and our hard earned savings after tax with interest taxed as well.

Richard, Alicante, Spain

A couple of points whenever Brown gets to making his point he can't help a smug little grin.Unfortunately no one is tying him down and it is hypocrisy he has been talking about borrowing spending etc the cause of lower currency.Also note his tactic of making sure interest rate effect is down to King

rogerb, bridport, uk

Sterling is the currency of only 60 million people and is going to end up like Monopoly money.
Nobody wants sterling any more.Like everything British it has outlived it's usefulness and we are administered by external forces over which we have no control.
Best join the euro - and quickly.

james allen, manchester, england

I would like to no where the money coming from to pay the unemployed,theres talk of cutting the poor workers tax,if so poor why take more from us 20% tax. With that many out of work theres less tax being paid which we all no keeps the country afloat.Things are getting well out of hand.

Di, Grimsby, N/E Lincs

The problem is we have people such as Brown and Mervin King in charge any they are making really bad mistakes. Osbourne should NOT be pillored for pointing out the dangers of their mistakes. A 1.5% drop in interest rates and talking about dropping to zero is a very unwise action -> Pound to crash

Keith Sloan, Nr Winchester, UK

Philip from Alicante DOES have a say. Like hin I live in Spain. I worked my working life in UK. My pension is paid in Sterling and I pay UK tax. If anything, we are still paying taxes but reaping no benefit from that. Jealousy springs to mind.

Steve, Malaga, Spain

The value of the pound is currently around 1 Euro plus VAT!!!

Richard, Alicante, Spain

Never mind that it's already fallen apart, the pound is falling because of Osborne! What total tosh! Could this mean Labour think the world would rather believe Georgie-boy than them? If Labour are so credible and the economy so relatively well-placed, why can't they just talk the pound up again?

Stevie b., Eastbourne,

Dear Sir, Britain can really be proud on his financial and economic recod. It has destroyed its manufacturing base and it has destroyed the pound sterling. Look at the period 1981 until 2008. I forecast that in 5 to 10 years Frankfurt will be the financial center of Europe and the gbp will be 1 Euro

G C Pietzsch, Cambridge, United Kingdom

Not much to announce, the run on the pound has been going on since February. Whay so many readers surprised by Osborne's comments.

Michele, London,

This is all part of Labour's plan to kill off the pound and force us to join the Euro. Hopefully they will get kicked out before it happens.

David, Doncaster, UK

Donovan Wright - do you not think Alistair Darling is not aware of this already. If Darling had real guts, he would stand up to Brown and stop the decade of tax, spend and waste. Darling is a spineless chancellor who is a mere pawn in Brown's regime.

David, Doncaster, UK

Anyone daft enough to take tax credits from Brown will be advised not to. I know five families who accepted Brown Tax Credits. EVERY family was told the calculations were wrong & ended up paying MORE back than they had received in Tax Credits!

Martin, Telford,

Defending Osbourne's outburst by pointing out the degree to which the pound has fallen already simply underlines the fact that he was saying nothing new and was - in effect - simply trying to make political capital out of situation. The Cameron effect again????

dennis mahoney, camborne, uk

Doh! When will these "experts" realise that by publicly predicting a run on the pound, stock market collapse, further house price falls etc., the more likely these things are to happen?

Osborne might be right, but shouting about it could just spark panic and make things worse.

Chris, Cheltenham, UK

Sorry Philip in Alicante but tough. You chose to leave the country (maybe another Labour hater less) so you have to face the consequences of your actions. Why should the British tax payer bail out someone who doesn't even live here. You didn't complain about a weak Euro last year did you?

A Thomas, Lanchester,

I think there is a very real risk of a run on the pound and a lasting devaluation. Of all the major economies the Uk has the most unstable economy and most likely to have the severest recession. I think the pound will go below parity with the Euro. Yes, the Conservatives will have to sort it out.

Chris Stuart, Carentan, f

Thank god for George Osbourne. Even if he's wrong (which I doubt he is) at least we have an alternative view. I have never seen such hubris as I have in Gordon Brown since these economic problems started. And as for telling Darling in private - what a joke. Labour doesn't listen to logic.

Mike, Chester,

Brown the man who sent taxes and borrowing through the roof in the UK is now telling the rest of the world they must cut taxes - what irony.

Ray, Essex,

Brown will soon see the results of his treachery with a country on a par with Zimbabwe.

kenherts, hertford, uk

Peter Guildford, the eurozone is the largest economic entity in the world and as such has more resilience than the UK. They also don't have the debt burden and are still a manufacturing powerhouse. We have an economy based on ever increasing house prices and debt. We no longer have anything to offer

Edward, London,

It is a convenient myth to say Brown regulated the banking industry- rather it was strangled with regulation.

Osbourne's statement is not a prediction, it is a statement of the inevitable consequences of this incompetent government's actions.

Chris Gillibrand, Brussels, Belgium

Alan: Blaming Brown might be a tad harsh but he is responsible for the financial mess Britain is in. He borrowed against future revenues, which are now non-existent, and he raised taxes for all in the country. He was a kid with a credit card, borrowing to spend, and now has to repay it somehow.

Ken, Hong Kong,

This is yet again another prime example of George Osborne's lack of maturity and complete unsuitability for high office. If the 'Shadow Chancellor's' motivations were for the country and not party political or self-motivated, he raise such matters with Alistair Darling in private.

Donovan Wright, Reading, Berkshire,

Alan of Bangkok says why blame Brown when this is a global problem. It is the difference in impact that we can blame Brown for - the EC, IMF and currency markets all the see the UK as suffering more than the rest. This is Brown's doing and the result is going to be very, very painful.

David Williams, Bedford, UK

Please please replace this man with John Redwood

Paul, Samford, England

There's nothing quite like a politician announcing a run on the pound to start, erm, a run on the pound. Good work Osbourne!

Of course Incapability Brown didn't create this mess, he only derugulated the banking industry. Erm...

Richard, Coventry, England

First Gordon Brown borrows money when the going is good and now he wants to borrow money when the going gets tough. Repaying seems to always be in the future for this man. This is exactly the problem that got us into this position in the first place. Gordon Browns grasp of economics is nil.

Steve, Birmingham, United Kingdom

Stating the bleeding obvious from Mr Osborne then ?
How much debt can the banks force the government and by infection the people.
Some must surely go to jail for this mess ... Would like to see the politicians actually protecting the public purse by weeding out the villains and there are villains.

Joe, Geelong, VIC Australia

This is just political mischief making without any credibile evidence and still the tories have not offered any alternatives as to how to get out of the credit crunch.

Every major economy left, right or centre is struggling at the moment.

Mark Davies, CARDIFF, UK

Osborne is absolutely correct, what Brown and Labour need to do is cut down the huge increase in public spending seen over the last decade, and get rid of hundreds of thousands of pen pushing public sector non-jobs, to fund the tax cuts. Well done to the Tories for finally speaking financial sense.

D Kent, Guildford, UK

Why all the comments on this article and none on articles of interest to Scotland?

James, East Kilbride, Scotland

And what about Ex-Pats like us living in Spain? Our income has dropped by 21% as a result of this fall. Are we the forgotten people?

Philip David Edson, Alicante, Spain

I have an uncomfortable feeling that George Osborne is nearer the mark. I am one of those who can remember what happened when Harold Wilson tried to boost the economy in a similar way in the 1960s, with disastrous consequences.

Graham, Eastleigh, UK

Amazing comments here, as much as I dislike Brown blaming him for this situation when the whole world economy is in the same mess with every country in trouble I think is a bit much.

Alan Lewis, Bangkok, Thailand

Perhaps a weak pound isn't such a bad thing. It's been overvalued for quite some time and if it stays sustainably lower (not too low mind you) then it might encourage more foreign investment (i.e. more UK jobs); coupled with lower taxes they might see it as an opportunity to lower their own costs.

Blair S, London,

Chief economist at Unicredit said the EZone was in recession in July when the ECB raised rates to a 7 year high of 4.25%. “We now have painful proof that there has been an excessive degree of complacency, which implies the policy response in Europe is well behind curve".

Run on the Euro coming?

Peter, Guildford,

This country is ever more looking like Argentina and Iceland.

Ben, UK,

Risk a run on the pound?

It's already happening folks it's gone from 2.11 US dollars to 1.475 US dollars on the pound in the last 8 months.

Been good for me though ;-)

Andy, Guangzhou, China

And once again the Disabled are forgotten and ignored by this Anti-Disabled Government!!!

When are they going to stop treating us like 4th rate citizens??

Even Illegal Immigrants are treated better than the Disabled in this country!!

This govt. should hang their collective heads in shame!!!!!!!!!

Darren, Ramsgate, UK

Even such an august Brownite pamphlet as the Times,
if it was honest with itself, would agree with Osborne's thread. Brown is waging total political war and using the tax payer as cannon fodder. Is it too much to ask for you to question why Brown is hell bent on wrecking our Economy??????

rob, Ipswich,

Was it not Labour that originally destroyed the pound? When will we learn not to vote for Labour... history seems to constantly repeat itself and it just gets worse and worse... are we not supposed to learn from history in order not to repeat it?

Labour = more debts for the UK!

Graeme, Edinburgh,

Are Labour doing this in hope that the public then agree with us entering the single currency?

Graeme, Edinburgh,

So he's found a voice! In fact, Osborne is quite right, the sterling factor often gets overlooked. We are an importing nation and we need to watch our currency constantly. Right now, it's clear that others have little relative confidence in our economic management. Not a big surprise, really.

Colin, shrewsbury,

Gordon Brown is going head to head with the currency market and, as Lamont found out to his cost, he will lose. its too important to not let this happen.

Thank God someone has pointed this out.

Pity is that it had to be George Osbourne...

David, London,

No body can say Osborne is talking the pound down because Brown has already talked the £ down

1. Mentioning Keynsian building projects.
2. Mentioning Tax cuts.
3. Now mentioning increases in tax credits.
Brown has said don't "begger they neighbour", before that it was no more boom and Bust!

Andrew Jones, huddersfield, west yorkshire

And what has brought us here? The "independent" Bank of England chasing house prices with rate cuts instead of watching inflation, leading to devaluation of the pound making investors get their money out of the UK, and threatening even more import-led inflation (yes inflation is still rising).

Dan, London, UK

Talk of a 'run-on-the-pound' in the future sounds silly when the currency is devaluing at one per cent per day at the moment. Negative interest rates are not helping; supporting corrupt and inept banks is not helping; and the Lord Mandy and Brown-Bottom double act, strips all credibility: Doomed.

Zen, London,