I'm not exactly backing labour, but surely that's a testament to how well the economy has been run under a labour government? In that they've been able to manage a deficit with very little loss in standard of living for it's citizens.
They haven't managed the deficit, the deficit has exploded out of control

Deficit spending is like paying for day to day living costs on credit cards after you've spent all your actual cash. It enables you to have a higher living standard to a point, but the longer it goes on, the harder it is going to bite you.
Labour deserve absolutely no credit for artificially inflating living standards via unaffordable deficit spending.
As a prominent chancellor of the exchequer put it:
"I tell you we have learnt from past mistakes.... Just as you cannot spend your way out of recession, you cannot, in a global economy, simply spend your way through a recovery either.... losing control of public spending doesn’t help the poor, It's those who depend on public services who suffer if spending has to be reined back.”
Extra points if you know who said this...