IN REPLY to Mr D J Pritchard’s letter (December 11.12.14), where he aims to heap the responsibility for the global credit crunch on Labour. The facts speak for themselves.

The financial credit crunch was caused by the banks, not Labour; the clue is in the description “global financial credit crunch”.

Mr Pritchard tries to play down the importance of deficit reduction when the coalition’s self-stated purpose was, as Mr Osborne put it, to eliminate the deficit.

We all know that he has failed. The deficit was £133billion – it currently stands a whopping £100billion.

The fact is, it was falling faster under Labour. Borrowing has doubled under the Tories due to a fall in tax revenues, low wages and the slowest recovery since the1840s. I would also add that The last Labour Government presided over four years when the finances were in the black, while at the same time investing more in the NHS than any government since its creation in 1948.

It was Osborne who said he would build a recovery built on exports. That’s another broken promise.

We now have a so called recovery built on a 25 per cent increase in personal debt, low wages and low interest rates and, as soon as wages or interest rates increase, it will fall like a house of cards. Nigel Dix, Montclaire Avenue, Blackwood