The Chancellor of the Exchequer was described today as "devastatingly irresponsible" and of having used "Enron-style accounting".
Just a week before the final result is declared in the contest for the leadership of the Conservative party, David Cameron and David Davis were courting the business community with speeches to the CBI annual conference here.
Messrs Cameron and Davis both made scathing attacks on Gordon Brown, the Chancellor, who is also addressing the conference today. Mr Cameron, who is clear favourite in the leadership race, condemned the Chancellor for pushing the tax burden to its "highest level for 25 years".
The two 15 minute speeches were also used to heap further pressure on the Chancellor over pensions ahead of Lord Turner’s report, due for release on Wednesday.
Mr Cameron attacked the Chancellor’s "craven surrender" to the public sector unions on the retirement age - public servants have an agreement to retire at 60, while the Turner Report is expected to recommend that private sector workers should not retire until 67 - while Mr Davis accused Mr Brown of "Enron-style accounting" over taxpayers’ guarantees for unfunded public-sector pensions.
Both candidates also criticised the Chancellor over eroding a savings culture with the use of means-tested benefits for the elderly. But the two contenders’ unanimity dissolved on the issue of tax.
Mr Davis reiterated that he would cut taxes by £38 billion a year by restricting future public spending increases to one percentage point less than the growth of the economy. But Mr Cameron said it would not be sensible to give specific commitment on taxes for a budget that could be four or five years away.
He said the priority should be to reduce taxes on employment and wealth creation.
Mr Cameron used the rest of his speech to highlight what he sees as "five barriers to wealth creation". He said fiscal "irresponsibility", the growth of regulation, European Union social and employment strictures, "inadequate" infrastructure and failures on skills were holding back the economy.
Mr Cameron also condemned a growing climate of "hostility to capitalism".
"For too many people, profit and free trade are dirty words . . . We need to campaign for capitalism, to promote profit, to fight for free trade."
