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Let's not forget that debt rose under Labour BEFORE the financial crisis struck

By Tim Montgomerie
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Balls Spender

Tobias Ellwood MP to Ed Balls during yesterday's Budget debate (my emphasis):

"When the right hon. Gentleman was in office, the UK debt was £347 billion. Before the crisis struck, it rose to £624 billion. After the crisis it ratcheted up another £200 billion."

You'll find no defence from me for the Coalition's inadequate deficit reduction strategy (see yesterday) but let's never forget that Labour increased debt in good economic times.


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