IFS: Labour has "left the UK ill-prepared"

A report from the respected Institute of Fiscal Studies (IFS) has given a damning verdict on Gordon Brown’s economic mistakes which left Britain with one of the biggest deficits in the developed world, and gave us the longest and deepest recession since the war.

As The Sun put it,

"GORDON Brown has saddled Britain with more debt than all major countries except Iceland and Ireland."

The IFS also say that "The UK public finances have under-performed relative to comparable countries.

"The UK is forecast to experience the highest borrowing in 2010 and the fifth largest increase between 2007 and 2010 of 26 industrial countries.

"Only Ireland and Iceland are projected to see a larger increase in debt over this period, with the UK sliding from its mid-table position in the international public debt league."

IFS deputy director Carl Emmerson said: "Labour reduced borrowing between 1997 and 2007, but most other countries did more.

"If the Government had taken more action before, they would be more credible when they talk about bringing down the debt."

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