< Graph via Economics Blog from ONS
Since Labour seem incapable from responding to the Coalition mantra "Labour left us with this huge financial deficit", this Green Party member will try to do the job for them.
The graphs show the UK Budget Deficit (gap between Government income and expenditure) as a percentage of net National Debt.
On the right, it shows National Debt without the ~£100 billion pumped into the banks in 2009.
It shows the debt coming down from 40% of GDP to 29%, presumably from Gordon Browns famous prudence. It then rises to 32% in 2008. This is due to Labour's spending on the NHS, education, and social security. I suspect that Blair's wars in Iraq and Afghanistan play a part.
And as an astute comment below points out, as GDP falls (recession) the percentage played by debt goes up. This is made worse as tax revenues fall in the recession.
But look at the graph on the left, which includes the banks bailout. The debt rises from 60% of GDP to 150% - a rise of 90%. Nearly double.
Labour's overspend accounts for 22% of the debt increase, and the bank bailout accounts for 78% of the debt.
In round figures, the banks are responsible for 4/5ths of the deficit.
This demonstrates the basic dishonesty of the Coalition's mantra.
Yes, Labour took us into 2 futile and counter-productive wars. Yes, Labour overspent on health and education, but that overspend could be construed as investment. The social security increases are unavoidable in recession.Without the bailout, Labour increased our national debt by 50% from the figure they inherited in 1997.
But with the bank bailouts, debt accounts for an increase of 375% in the inherited national debt - nearly a fourfold increase. As opposed to a 50% increase.
Apologist for the bankers will argue that the bailout is a loan, and we will get it back when the banks get around to it. Let us hope so. Nevertheless, it is a huge unplanned imposition on the common wealth.
And the Tories are indulging the banks, because 50% of their funding comes from the city.
It is time the Paxmans and Humphrys of this world started to challenge the Coalition mantra "All Labour's fault". It is one part Labour's fault, but four parts bankers' fault.
Labour is 100% faulty in not pointing this out.