By politics.co.uk staff
Former financial services minister Paul Myners has attacked the previous government for running up debts of nearly 11% of national output.
"There is nothing progressive about a government that consistently spends more than it can raise in taxation and certainly nothing progressive that endows generations to come with the liabilities incurred with respect to the current generation," he told the House of Lords.
He attacked Labour for "flawed" economic thinking and urged the new government to cut back on waste.
"I have seen that in my own experience as a government minister, and I hope that the government will pursue with vigilance its search for waste and search for efficiencies without cuts which are injurious to the provision of public service," he said.