Given your comments about the banking crisis, how would you respond to the January 2009 IFS publication, which said that

'Labour entered the current crisis with one of the largest structural budget deficits in the industrial world and a bigger debt than most OECD countries, having done less to reduce debt and—in particular—borrowing than most since 1997.'

In other words, it broke the Keynesian economic cycle and bequeathed austerity.