Blair admits overspending from 2005
The link is to the BBC story which includes the text:The UK should have addressed its public deficit back in 2005, former Prime Minister Tony Blair has told the BBC.
Speaking to Andrew Marr, Mr Blair said: "We should probably have taken a tougher fiscal position than we did."
He said that this was also about the time when disagreement between himself and Gordon Brown "started to spill over into macro-economic policy".
This is the key point that I have been making which is that we would not have had as big a problem as we do now had we not over spent from 2005. I am slightly surprised that Tony Blair has actually agreed with this because it is the defining issue of this parliament where he accepts that the coalition are right and the Labour leadership candidates (except perhaps David Milliband) are wrong.