Ed Balls: Labour ran a structural deficit in 2007 - Telegraph

When you hear the Labour party or it's propaganda arm, the BBC claiming that the last Labour government was running a prudent economic policy and was only blown off course by the 2008. banking crisis, remember that:

'Ed Balls has admitted that the Labour government was spending more than it raised in taxes even before the financial crisis began.

Under pressure from the BBC's Andrew Neil, the shadow chancellor conceded that the UK had a structural deficit at the end of the "boom years" running up to 2007/8.

A structural deficit is a gap between tax revenues and spending that is not addressed by normal economic growth, and can only be filled by tax rises or spending cuts.'

More here http://www.telegraph.co.uk/news/politics/9633508/Ed-Balls-Labour-ran-a-structural-deficit-in-2007.html