The big problem is the spending tap was turned on by John Major to try and win another Tory term and then in Labour's second term the Fool Brown, really let rip.
Unfortunately, ALL Labour administrations have left the country destitute, with IMF bailout required in 1970's!
Einstein said: Insanity is doing the same thing over and over again and expecting a different result.
Now with Labour and the unions there is a positive feedback loop. Increase public spending and the number working in the public sector, means where it is heavily unionized there are more members and their subscriptions, which means more money is given to Labour, which increases through advertising etc., their chances of reelection.
The UK are one or two Labour Governments from being Greece!
I'm not a fan of the Condems, but unfortunately in a recession / depression, you have to scale back public spending slowly or you end up in a Greek, Portuguese, Irish economic death spiral. So, the Government's hands are tied here to a degree.
IMHO Cameron, Clegg, Cable, Osborne etc., are just morally corrupt, self serving, spin merchants in it for their own gain. Only us serfs are "all in it together". The best the Tories have got is probably, Redwood but he is far too clever and logical to ever be a minister this retards Government!