From the Guardian this morning - the story of deficits since 1979:

Note that Thatcher ran surpluses for fewer years than Labour.

And inflation adjusted Major's were bigger than Labour's until 2008.

And that Labour's were solely due to the failure of the banks.

Which Labour was solving.

But now we learn Osborne's policies will result in an increase in the deficit. Which looks like a return to Tory form to me. When they have the choice they borrow. It's not clear that's true of Labour.

So let's cut the spin out and see this as the reality, shall we?