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.
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