I think New Labour have done an awful lot to get us in this mess. Prudence? Never happened.
I'm just the local thick kid from the local comprehensive. But even I know the basics of fiscal management - when the times are good, pay off debts, and maybe even try to save 'for a rainy day'. When the 'rainy day' comes, it gives you extra flexibility.
New Labour; we'll borrow even more in the good times, in the vain hope of paying it back in the even better times, because "this is the end of boom and bust economy".
Additionally, by discouraging manufacturing in the UK, in preference to a finacial services economy, New Labour left us severely exposed when that market sector hit problems.
But that aside, any ruling party becomes stale, ineffective and out of ideas by the end of the 2nd term. Then they come out with stupid ideas about giving our pets lots of mental stimulation or face a £20k fine.
Nope, Labour must go.