It is clear we face difficult economic times in Barnet.

Already my postbag and advice bureau is filling up with people who are finding it harder and harder to make ends meet. And already, people are facing the prospect of losing their homes.

Over the last few weeks, the Conservative Party has worked with the Government to find a way to stabilise and help restore confidence in the British financial system.

The consequences of a banking collapse are simply too catastrophic for everyone for it to be something we could possibly allow to happen.

However, after all the talking and the bail-outs, the time has come to ask how we got into this mess in the first place. If Gordon Brown is hoping all his latest international summits have made us forget what came before, then he is mistaken; he should bear significant responsibility for the situation in which we now find ourselves.

We have seen Mr Brown’s economic strategy fundamentally fail the British economy and the British people. He promised an end to boom and bust — in Barnet many people will remember the prominent posters on this at the 1997 general election — but has manifestly failed to bring it about.

And one of his first acts as chancellor in 1997 was to remove the Bank of England’s historic ability to ensure that banking credit was kept within responsible limits.

Furthermore, during his decade at Number 11 Downing Street, he allowed government debt to grow hugely. We fought the last general election warning very clearly that government borrowing was too high and have continued to do so.

The truth is that Mr Brown must take his share of the blame for the jobs and livelihoods that will be lost and the homes that will be repossessed in the coming downturn.

Last Friday, David Cameron and George Osborne called for greater economic responsibility by the Government and financial services as part of their long-term plans to stabilise the economy and avoid a repeat of the current financial meltdown.

They called for responsible enterprise and responsible government, including a review of the ways in which the Bank of England manages debt levels. They also proposed the introduction of an independent office that will monitor government budgeting and borrowing, as well as encouraging a more balanced economy — not one built just on the back of the financial services, but one which encourages the rest of the country to play its part in economic growth.

Over the next year we can expect to see the Conservatives supporting the Government where it is in the national interest to do so but vigorously holding them to account for their mistakes as well. We believe it is only through long-term plans, not short term bail-outs, that we can develop a responsible and balanced economy and the stability we need to protect people’s jobs, homes and livelihoods.