So Ed Miliband has told his Party faithful that the £150 billion debt his government left the incoming coalition to sort out wasn't Labour's fault! It was an international slump which they had no part of he claims. Proof positive of the old adage "to er is human. To blame someone else if politics!"
Britain is one of the biggest economy's in the world. The City of London is one of the biggest money markets in the world. Labour were in power between 1997 until a few months ago and had responsibility for regulating the markets. They failed to do so just as they failed to heed the calls of Vince Cable to take a firmer hand in the regulation of the city and curb debt. They let banks like RBS rack up debts that would make any Banana Republics look prudent. Ed Miliband was happy to be part of that government and thus is also collectively responsible for the National debt being racked up.
The public are not stupid. They rightly have pinned the blame for the deficit on Labour. Milibands attempt to evade responsibility it is up there with his attempt to distance himself from the gulf war and does nothing to repair his damaged credibility or that of his party.