Without going over old ground again, the new labour government didn't run the economy successfully. It was built on over inflated public services and capital spending via PFI. Now the pinch is being felt.
I won't claim to agree with every policy from this government but labours apparent good reputation with the NHS is built on shiny new buildings that future generations will still be paying for
The myth of Tory economic competence doesn't stand up to scrutiny. It's just a line that gets repeated so often and is rarely challenged that a lot of people actually believe it to be true.
You'd think recessions never happened under Tory governments. Yet I've lived through several!
As recently as the last election they promised to rebalance the economy and eliminate the deficit in a single Parliament. They pushed us into a double-dip recession in the attempt yet have ultimately achieved neither, resorting to fuelling another unsustainable housing boom - this time with taxpayers money - to give the impression of a recovery they hope will dupe enough people into voting them back in for another term. They hammer the working poor with increases in VAT which disproportionally punishes those on low incomes while rewarding the well off with income tax reductions. And they claim the credit for increasing the tax threshold when that was actually a Lib Dem policy, not their own.
In opposition, they supported the very spending plans by Labour they now decry as reckless. They called for lighter regulation on a banking system they now blame Labour for crashing through lack of regulation.
Ultimately they're just a bunch of incompetent economic charlatans who benefit from a compliant media.