Was Labour living beyond its means ?
apparently the new government claims it was,
BBC News - Labour 'left £3.3bn black hole in defence budget'
Quote:
Labour 'left £3.3bn black hole in defence budget'
Labour ministers wrote a £3.3bn cheque that could not be cashed in their last year in government, the defence secretary has said.
Writing in the Times, Dr Liam Fox said the Ministry of Defence had been "living beyond its means for too long".
Labour "incompetence" had contributed to a £38bn black hole over the next 10 years in equipment programmes, he said.
Meanwhile, US Secretary of State Hillary Clinton has said UK planned defence cuts are a "worry" to the US.
In response, Foreign Secretary William Hague insisted the UK would remain a military power of the first rank.`