Quote:
Originally Posted by O.A.F.K.1.1
The whole narrative that Labour ran up the debt before the crash is just objectively false. In the last year of the Major Government it was 50% in 2007 it was ~43% measured by GDP.
So in short by the time the crash happened they had actually reduced debt as GDP from its Tory peak by 7%.
In 1997 it was dropping and kept dropping till 2002 when it started increasing again so it wasn't a straightforward reduction. The trend at that time was upwards. Also, borrowing was dropping drastically, leading to a surplus for 3 years from 1998 till 2001 and then it was back to borrowing again. Labour inherited an improving economy.