Terry Smith
"Far from moderating this recklessness, the Labour government got in on the act, increasing public spending by 42%, in real terms, between 1996-97 and 2006-07. Then, when the imaginary – borrowed - growth of the pre-2008 period fell away, government, professing itself just as bemused as almost everyone else, slumped into a larger deficit than any other major economy, and started racking up stupendous amounts of public debt.
This process has left Britain in a hole, but hardly anyone has stopped digging. Needless to say, debt continues to escalate, and the current government has been criticised by many for “cuts” which actually left real public spending higher in 2011-12 (£696bn) than it was in 2008-09 (£673bn), let alone 2000-01 (£498bn). "
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