No minister, this disaster began years before the credit crunch

Telegraph
"Britain is in a financial mess because of a spending binge that stretches back to 2002...
The last time a British Chancellor delivered a balanced budget – or better, one in surplus – was 2001, the year of Tony Blair's second general election victory. Much has changed since then, especially for those with red rosettes. That year, Liverpool lifted the FA Cup and Red Marauder (an omen of things to come at Number 11?) won the Grand National. Confident of victory at the polls, Mr Brown labelled his Budget "Investing for the Long Term". His plans included annual spending of £394 billion and income of £398 billion.
It was his last dance with pretty Prudence. Thereafter she was ditched in favour of her ugly cousin, Profligacy. In each of Labour's eight subsequent Budgets, expenditure has exceeded revenue."