The Sun newspaper reported £1.229 trillion had gone down the drain. "Schools and hospitals and public services" was the mantra chanted to justify this tax grab and poorly managed spending spree.
Well, there's been lots of building going on at schools and hospitals and lots of new - and rather dubious - jobs created in the public sector but hand-on-heart do you really think that education, health and public services have improved commensurate with the money thrown at them?
Borrowing has continued in addition to taxes. National debt is approaching record levels. And worse ... much has been put off the balance sheet, remaining invisible. Taxpayers are exposed to £100b of Northern Rock debt and countless £billion of PFI projects. Our true national debt doesn't bear thinking about.
Uncontrolled spending. A mountain of debt. This is Labour's economic legacy. Tough times may lie ahead and the man to blame sits in Downing Street.
Local and London Elections
Congratulations to Boris for winning London and to Redditch for voting for a Conservative-controlled Council. With Labour slumping in the polls and at the ballot box Conservatives can't wait for a General Election. We are eager for change.
