Certainly we can't blame Labour for ruining the economy, as quite rightly it was American sub prime mortgage fiasco that triggered the financial crisis.
Was Labour did, (and what why have done practically every time they have been in power) is spend more money than they got in tax.
Now this is what you tend to do during a recession, but Labour did it during the biggest boom (record tax revenue), this country had ever had.
Yes Labour had more money to spend than any other UK government in history and still spent more.
Most of the increases were the significant pay rises for public sector workers.
Yes they spent a lot on the NHS, but a lot of this was just wage increases, nice for the workers, but doesn't make the NHS better for patients.
Basically Labour buying votes, with borrowed money.
Unfortunately public sector workers paid the price for this with pay freezes when the money ran out. I suspect they'll fall for the bribes again.
What you should do when you have record tax revenue is to reduce the deficit, not increase it, since a downturn at some point is pretty much inevitable. Gordon Brown started to believe his own rhetoric and though the boom would continue indefinitely.
http://www.economicshelp.org/blog/5509/economics/government-spending-under-labour/
Labour got into power with the fastest growing economy any new government had ever come into power to. They left it with the fastest shrinking economy.