For 11 years, New Labour preached the gospel of fiscal prudence: money would be borrowed only for investment, and public net debt kept below 40% of GDP.

• 11年以来，新工党鼓吹财政紧缩信条：银行非投资莫贷，公债率控制在GDP的40%25以下，经济时好时坏的情形一去不返；