"David Cameron readied Britain for deeper spending cuts and higher tax increases today, accusing Labour of making crazy spending decisions during its final period in office.

The new coalition Government will tomorrow call in independent auditors to establish the true scale of official debts, the Prime Minister said.

Under the terms of the deal with the Liberal Democrats, George Osborne, the Chancellor, is committed to speeding up the reduction of Britain’s annual £167 billion deficit.

The Tories watered down a manifesto pledge that spending should shoulder 80 per cent of the deficit reduction, agreeing in the coalition settlement that it should take the “main burden”".

'Sunday Times' 16 may 2010.

Was this massive debt created by Labour in the year or so before the General Election a deliberate 'thing', or the unforseen consequences of spendthrift policies for public 'investments' (as Labour Spokespersons kept telling us all - Labour 'Invests' as against Tory 'Cuts').

It will be interesting to find out just what the Independant Auditors find after 13 years of Labour Missrule and Squandering the UKs Public Finances...?

That matters might be far worse than Brown and his Cabinet when in government divulged. They either knew things were extremely bad, or they just did not know......... (Spend, Spend, Spend, Tax, Tax, Tax, Borrow, Borrow, Borrow, print cash, Print cash, Print cash).

Did New Labour under Blair, Brown etc, act just like a bunch of drunks who find a wallet full of cash lying in the street, then go on a drunken spending rampage around the local Pubs..... ?

History sometimes repeats itself. Although the International Banking Crisis took our Labour government by surprise (so they tell us!! [surprise, surprise]), and was not in their control. However, Brown, when Chancellor did nothing to proof the UK against a 'Rainy Day Fiscally-wise'.

If Labour had been returned to power, would they really have reigned back public spending -- or would they have just continued spending as if nothing had been happening. We will never know now.

Maybe when the 'Kiss and Tell' memoirs are published after the ritual blood-letting to find a new Dear Leader for the labour Party, we will know the 'Truth' of those 10 years of Brown in charge of economic policy, and 3 years as Prime Minister. Oh lets do hope so!!