What happen was that the Tories took a slowly recovering economy and drove it into a ditch, by the simple-minded tactic of slashing public spending, and raising VAT, which reduced growth in the economy and in so doing, made it harder to pay off the nation’s debt. After two years of this, the Tories reduced the amount of public spending cuts to roughly the level that Labour had planned in their 2010 election manifesto.
So much for the Tories economic and financial competence, then. When the campaign resumes again after the suspension following the terrorist atrocity in Manchester, we will hear a lot about how you can’t trust Labour with the nation’s finances from the Tories. But the truth is, that their record is an extremely poor one.