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
Around 40% of workers admitted to working despite being too sick for the office, a survey has revealed.
High street stores con customers by offering "discounts" which offer little to no savings - and may end up costing more, Which? has claimed.
Britain has claimed victory over Germany in a special football match marking 100 years since the near-legendary WWI Christmas truce match.