The picture below I reproduce from The Spectator's blog, it says everything one needs to know about how Blair, Brown and Labour got the British economy into the current mess. It stopped just short of doing what the previous Labour Government, under Callaghan, had done - roll the printing presses and print more and more funny money. Labour is incompetent when it comes to economics. This graph proves it. They fuelled the so-called 'boom' during their time in office by spending like there was no tomorrow - and now the blame the Tories for cutting back.
When Blair took office in 1997, the country was solvent - a legacy of the Tories - it only took him five years to reverse that and the commitments they'd made before being expelled from office are what is still hurting like hell. Worse, these incompetents are still claiming they can 'fix' the economy - only now they want to turn on the printing presses again. Just as in the 1970s, Labour have proved themselves incapable of recognising the difference between the money in their wallets, and the money in everyone else's pocket. The real irony here is that a very large part of the borrowing since 2008 is being made to pay the debts piled up before 2007.
Blair/Brown's legacy is a pretty shoddy one in my view. Ruined economy, rising dependency on benefits, pension funds robbed out and destroyed and every service and industry crippled by politically correct claptrap and vast mountains of bureaucratic 'assessment' of everything to keep from getting sued out of existence.
I commend the Spectator's article.