That’s simply not true Steve. Labour ran more surpluses and a lower deficit. There’s no amount of money that would’ve cushioned us from the GFC. He maybe overspent slightly in the couple of years before, but the headroom he’d grown in the decade before that justified it.
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The note was a traditional joke between chancellors that isn’t usually used for political gain until these Tories came along.
As for no more boom and bust, he wasn’t far off:
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Labour aren’t perfect economically. No one is. But on average they’re better than the Tories.