Did Labour cause the 2008 crash the answer is simple ... NO, they didn't. It was the bankers the same bankers who donate money to the Conservative party. Osborne admits: Labour did NOT cause the Recession. He also admits that the Tories had promised to match Labour’s spending plans, in an interview with Andrew Neil for The Spectator‘s Coffee House Shots on October 12 (they went back on that promise when they took office in 2010). Also, The permanent secretary to the Treasury, Sir Nicholas Macpherson, has argued that the 2008 financial crisis was “a banking crisis pure and simple”, contradicting Conservative claims that it was caused by Labour overspending. His remarks emerged after Ed Miliband came under pressure on the leader’s Question Time on BBC1 in 2015, facing accusations that Labour government had overspent, a view strengthened by the now notorious letter left by the former Treasury chief secretary Liam Byrne to his successor in 2010 that there ...