Quote:
Originally Posted by Hugh
You said "before 2008", then seem to be ignoring the Financial Crisis…
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1997 £350.1bn, 2008 £775.6bn and
EXCLUDES public sector banks.
2006 £509.5bn, 2007 £543.5bn. Heading that way long before 2007.
Deficit, 2002 £34.1bn, 2003 £41.7bn, 2004 £49.1, 2005 £44.2bn 2006 £39.2bn, 2007 £45.0bn.
That DOESN'T include PFI which is off-books borrowing, but has to be paid back later.
Regardless of any crash, Labour had an ANNUAL deficit of nearly £50bn. Even with any "crash" factors, the debt would've hit £700bn by 2010, and as that level of spending couldn't be turned of overnight, the impact of Labour spending continued.