The Tory message is that Labour is digging away in a huge hole of debt. Quite so. Indubitably.
Labour got to this position by letting the financial markets go unregulated, building up a mountain of debt built on a wobbly foundation of ever rising house prices - a kind of Ponzi scheme.
Labour was deaf to the agonised pleas of massed ranks of Tory MPs calling for regulation of the financial markets, calling for the reining in the profits of financial institutions, re-balancing the needs of the real economy relative to the financial markets, which are predicated on the assumption that a social construct (money) can be treated as a commodity.
Sorry, I missed all the Conservative critique of Labour's market policies. I must have been too busy pondering the mystery of how like the Tories NuLabour has become...