Clinging to the same old monetarist dogmas
Cameron's speech today is indicating that if they were in power the Tory response to a global recession would be the same as it was when they were in power in the early 1930s, early 1980s and early 1990s. I.e. do not very much and hope it somehow goes away. Or in the case of Cameron's hero Thatcher in the early '80s privately celebrate the downturn and actively try to accelerate it in order to smash the unions, destroy Labour-voting communities, keep inflation down and restructure the economy.
They don't want to borrow, they don't want to spend and I'd be surprised if they want to cut taxes, despite these Keynesian responses having been proven by history to be the only sane way to respond to a crisis of this magnitude.
They'd rather do nothing - in order to stick to the economic orthodoxies of the Victorian era - while productive workers rot on the dole, communities disintegrate and millions of individual tragedies unfold as workers and their families lose their jobs and homes.
This is how they behaved in the '30s and the '80s and the '90s and this is how Cameron and Osborne would behave now if they were in power.
I suppose this is to be expected - look at where Tory constituencies are and it isn't the communities they represent that go to the wall in a recession when there is a laissez faire government - there's not much danger of any of Cameron or Osborne's relatives or friends or neighbours experiencing unemployment and hence it's perhaps unsurprising that they don't want to do anything significant to stop it happening.