Cameron on why we are going to have the public finances of Italy

More evidence of the clear blue water being placed between The Tories and the Labour party on the economy.

David Cameron this morning tells the press that he will not be sticking to Labour's spending plans in 2010 and condemns the additional borrowing with cutting VAT strategy of the government.

A key part of his speech this morning to the LSE was this

"A very clear choice is emerging in British politics today. It is about how we deal with the greatest economic problem to confront this generation - the recession and the record level of public debt.
"Labour's response is to ignore the fact that we're already borrowing at record levels, deliberately borrow another £20 billion for short-term giveaways today - and leave worrying about the debt until tomorrow.

Earlier on the Today programme he warned that

we’re going to have the public finances of Italy”, adding, “none of this was in the Labour manifesto. It's going to load up taxes, load up debt for future generations. I want to stop that.”