In previous posts I said the graphs included bailing out the banks, but I have been informed that this is not included in the ONS figures quote. This does not change that Labour's outgoing deficit and debt were a response to the global crash and not the cause of it. The deficit covered unemployment benefits caused by the crash and other crash related spending. Tory debt since then has continued to spiral due to successive years of high borrowing and compared to productivity which is only now come down, but at a huge increase in debt. In '97 it was Labour who took us out of deficit, into surplus, and lowered debt as a percentage of GDP. That is still their legacy as opposed to the Conservative legacy of high debt, high borrowing, high taxes, and similar spending despite cuts to spending on welfare and public services (where does the money go? Nobody knows). The point remainst the same, even without considering bank bail outs. Labour did better than Conservative governments before or after.
Carmine Raven
The Carmine Raven is a political and national interest blog, offering a commentary on British and European politics and national interest topics.
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