Sept. 8 (Bloomberg) -- U.K. Conservative Party leadership candidate Kenneth Clarke attacked the ruling Labour Party's economic record as an ``illusion,'' setting out his own pledges to promote business with lower regulations and taxes.

Clarke, who oversaw the economy as chancellor of the exchequer from 1993 to 1997, said Gordon Brown, the chancellor under Labour, squandered the strong economy he inherited from Clarke. He commented in a speech today in London.

To contact the reporter on this story: Alexander Hanrath in London at ahanrath1@bloomberg.net.

Last Updated: September 8, 2005 07:35 EDT