Economics 101

Writing behind the paywall for mass appeal, Ed Miliband told the Times this morning that: “Labour is not to blame for Britain’s debt mountain and accuses David Cameron of peddling a “great deceit” about the previous Government’s record to pursue a damaging programme of cuts.”

He claims:

“What is this deceit? It is that the deficit was caused by chronic overspending rather than a global financial crisis that resulted in recession and a calamitous collapse in tax revenues.”

Last time he made such absurd claims the Spectator provided Red Ed with this handy graph. Perhaps he could explain then why the last government was spending more than it was bringing in from 2002?

If he gets stuck perhaps he could ask Alan Johnson…




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