Magilla Posted March 8, 2011 Share Posted March 8, 2011 In the year 2008, just before the banking crisis hit, it's important to remember that public finances were in better shape than they were in 1997 when New Labour took over from the Tories. There was a smaller deficit, and we were spending more on public services due to increased tax revenues. When Labour came to power the country was in the black to the tune of £1.8bn. There was no deficit. Link to comment Share on other sites More sharing options...
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