Liam Byrne has admitted to ITV News West Country that his note to his successor David Laws that said "I'm afraid there is no money" was "foolish":
Of course it was a very foolish thing to do.
I left something else at the Treasury, which was a Budget I'd drawn up with Alistair Darling that would have halved our deficit over four years.
That was a good plan, it was a plan that would have worked and I'm afraid it was a much better plan that we've ended up with now.
More top news
The UK is facing "sharper disparities" in inequality despite wider global growth, but monetary policy is not to blame, Mark Carney has said.
A plan to secure the future of Port Talbot steelworks will be unveiled to staff on Wednesday, ITV News understands.
The 54-year-old, who has been in office since April 2014, will stand down from his role as Prime Minister to focus on his campaign.