Brown is the car driver who causes a car crash. Now he argues that the only way out of the car crash is to pay everyone in the country a fiscal stimulus to get the car moving again.

What happens if the country just takes the tax cut next week and does not spend it? The car just has more debt.

Frank Keegan, Alderley Edge,

Is it when the pound is equal to the Euro in value, we will join the Euro Currency? Is it being deliberately devalued to acheive this?

Matt Jeary, London, UK

Why dont we help Business by charging the Banks and Financial institutes 50% Corporation Tax on their profits until they pay back the money?

Matt Jeary, London, UK

How can you believe anything that Mandleson says.....

Phil, Preston,

The pound has hopefully found its lowest point mostly caused by media hype and the doom and gloom brigade. UK is of course showing its imported more than its exported of which relates to a devalue of currency, but its my guess that hype has brought it down to a level lower than it should be.

Bob Johnson-Perkins, dumaguete , philippines

Every time Gideon Osborne opens his mouth, Labour's opinion poll ratings rise. Keep up the good work!

GARRY LLOYD, Lowton, Warrington, CHESHIRE

I have voted Labour all my life, but never again. Well done, Mr. Osbourne, for speaking out honestly, instead of the rubbish spouted by the Brown and Darling comedy team, who have lost any credibility they ever had. The only thing they do well is sulk. Keep it up, Mr. Osbourne. We need you.

R. Cleeve, Eastbourne, UK

Osborne is right to state clearly that the markets expect a frank admission that increased borrowing will be paid for in 2/3 years by higher income tax rates than we would otherwise have had. Labour, however, have not wanted to state that clearly - since they are trying to buy votes.

Stevie, Bagshot,

Black wednesday 1992, Tories put interest rates to 15% which did nothing to stop a run on the pound, however, it did create the Tories third home grown recession in 18 years, and millions lost their jobs and their homes, Happy Days

Nig , Blackwood, Wales

I'd hardly call this a rebound! Exactly one year ago I received a pension payment in sterling and deposited it at 5% in Barclays. Today, after a year of interest and monthly pension cheques my cash is worth less in Euros than it was last October.

Stuart Dickson, Palma, Mallorca, Spain

A little bit of news for Mr Osborne, 'we know the state of the British economy', what you are supposed to do is to offer an alternative policy for improving it, but the Tory front bench is not very good at policy.

Stuart Gerrard, Derby, UK

Will someone please explain to me why every man and his dog are saying that we in the IK are going to have the worst recession of all the major developed nations and why Gordon Brown is saying the exact opposite? Both can't be right.

Bob Crozier, Larbert, Scotland

Time for Labour to show us a plan. How much will taxes go up and for how long. If you give a person dying of starvation a slice of bread, they will be grateful - even if you caused their starvation and they will die anyway. At least the Tories have said they will pay for this by reducing the State

Narni, Brighton, UK

Osbourne has had to be dragged off of his high hobbyhorse on more than one occasion,,,,,this man does a lot negative daily drivel but..seems to belong to the MAGICWAND strategy regarding any specific plans,,,,,his haughty arrogant manner will be held to account by the electrate

Eric, Southwick, England

Another "Times" non-story. This used to be a serious newspaper until Times Corp'n got hold of it and introduced "The View from Rupert".

The Basics:

Osborne has told the truth - and Labour don't like it.

Roger, Sheffield, UK

When George Osborne said it was his duty to tell the truth about the economy, I fell about laughing. As always, the truth is highly selective and is only told by politicians when it suits them. When David Cameron visited Wales, he said it had some great universities; pity he did not tell the truth!

Trevor Mayes, Llandysul, Wales

What barefaced cheek for Peter Mandelson to accuse others of changing their policies from week to week, when his Government has abandoned every principle of economic management that it has ever championed - from fiscal prudence to the independent conduct of monetary policy.

Throw them out of office

David Meyer, London, UK

Osborne cannot win , if he tells the truth about a further sterling devaluation he is branded as a traitor and it will be his fault if the pound falls further, if Sterling recovers Nulabour will say that the markets are provimg Osborne was wrong and that the markets are supporting Brown policy!!

claudebertin, warlingham, uk

To say that the pound "recovered" to $1.4924 this morning is a bit strong. If that constitutes a recovery, I'd hate to hear your definition of "very strong". The truth is that the pound is in dire straights.

Osbourne has simply spoken out with what we are all thinking. We're in a Brown Bust!

Charlotte, London, UK

1) Whether the value of sterling increases or decreases has nothing to do with Osborne.

2) It has everything to do with the activity of the government; hence, why it has been sliding for some time now.

3) It's a bit early in the game for 'haha, we win, you lose, up yours' from dearest Darling.

James David, Newcastle upon Tyne, UK

Hello Osbourne? This is Credibility calling ....

Ben P., Robertsbridge, UK

We do not need Osborne but we do need the pound. To save his own scalp he seems ready to undervalue our currency at the very time when we all need to get together to bring our economy and currency back on track. Osborne could never be a Chancellor because he preaches doom and gloom not hope.

bruce, Glasgow, UK

Despite the fact Brown got us into this mess with reckless borrowing by Govt, encouraging people to get into huge levels of debt, useless regulation and acceptong corporate greed, the Tories seem incapable of scoring points. If they can't in these circumstances, they won't win the election.

sam, newcastle,

Trying to get my mind round WHO (?) is talking the pound down - two weeks ago it was Mr King for the Bank of England - then we had the Chancellor doing the same - is it that THEY wanted to talk it down just a bit - like $1.65, and got it wrong, an overshoot to $1.48? So why Osbourne diffferent?

A Sanders, Malton, UK

It is patently obvious that Labour are using the financial crisis as an excuse to borrow heavily in an attempt to buy the general election in 18 months' time. Regrettably the public are probably stupid enough to buy it.

Tony Pegg, Leicester, England

Gordon Brown's management of the economy is now reduced to a crap shoot. He's like a compulsive gambler racking up piles of debt of other people's money chasing his losses. And this from the man who disapproves of supercasinos...
Now it is wrong for the opposition to criticise the government.

G Adlam, Brighton,

Sorry chaps, but the Tories don't seem to have a clue as to how to deal with this issue. At least Labour are trying do something, including getting the other big economies to sign up to a common approach. Doing nothing is not an option. The key is where you put the money you borrow for best return.

Mark Loughran, Kircubbin, N Ireland

No suprise that the £ is rising today. Market bottoms often occur just when wanabe teenage scribblers like George Osbourne seek kudos by telling us what we already know. Better if he were to come up with some original ideas how to tackle instead of excaberating our financial problems.

Anthony Wolff, London, UK

Most currency traders have probably never heard of George Osborne and certainly won't care whether he yelled Buy or Sell from the roof of his house - they look at more fundamental matters - such as the incompetence of the administration and the recklessness of Gordon Brown's actions.

Father Ignatius Brown, Norwich, Norfolk

Now George Osborne has had the courage to speak out against the doom and gloom from Mervyn King and Gordon Brown the markets have responded positively.

John, London,

Is this news? Surely Osborne is only stating the uncomforable situation we are in and that further spending and thus borrowing will only speed further currency falls for the pound. Perhaps people have been asleep and not noticed currency falls have been dramatic for a while now?

jcabell, Newbury, Berkshire

Why is the pound always measure against the dollar to show how many dollars £1 buys, whereas with the euro it's always measured to show how much 1 euro will buy? £1 currently buys 1.22 euros appox, but the way it's usually shown makes it 0.857 euroes to the pound. Very confusing! Why not just use

Chris, Northampton, England

How DARE George Osborne tell the British people the truth about the mess that ZaNu Labour have got the UK into?

What was he thinking? His job is to say nothing and let Brown continue to bribe the voters with their children's money and get re-elected.

Reality check-: recessions cannot be bucked.

Jon Leigh, Southern, France

'Lord Mandelson said that any tax cuts...“have to be targeted at sectors of the population that will increase spending”. '

This would be the 18-30 age group with disposable income but no household responsibilities i.e no mortgage, Council Tax or utility bills and probably subsided by parents!

m collins, Leeds,

Please do get it into your heads that what the pound does from day to day has nothing to do with George Osbourne. Lord Mandelson may like to tell you that, over a good lunch no doubt, but there is no need to swallow and regurgitate it so gullibly. The real reason lies elsewhere.

AndyC, Rowlands Castle,

You wouldn't put it past Gordon to be frantically supporting sterling this morning to prove osbourne wrong. What is the point of democracy if the ruling party uses all available media outlets to ridicule valid attempts at criticism. There has been no debate in parliament about economic recovery.

rob, ashbourne, uk

Of course, Mandy has never been irresponsible, has he?
His finances, involving mortgages and loans, were always in order, weren't they?
His meetings and outcomes with Deripaska were always totally above board - any massive profits made were purely coincidental.
Why is the EU still investigating?

Padraig, Perth, Australia

Perhaps the market just recognises that whatever George Osbourne says is usually 180 degrees from the truth.

Eric, London,

Tax cuts are such a shot in the dark..

Why dont they really help business and cut VAT and business rates. We would see that saving over night not in a few months. And I am sure it would be cheaper.

Rich, worcester,

Typical labour blaming all their problems on the tories! I just can't believe the media buys into this spin that has been generated ever since Mandy came back. If they carry on like this we will be stuck with these imbeciles for another four years! People open your eyes!!

Hamish, London, UK