Blair was stupid entering into the PFI deals
I thought it was more Gordon Brown's baby than Blair's and imo Brown was more of a true Labour politician than Blair ever was.
Under Brown's Chancellorship Britain got into so much personal and national debt, but it was designed to make us all feel much better and more wealthy. As long as we felt happy and well off we would vote Labour again - but it all went wrong. Even DH and I (a pair of financial novices but cautious) could see what was going to happen - and kept looking at one another and saying 'this is all going to end in tears'!
Lots of lovely hospitals, schools, prisons - all on credit
People maxing their credit cards because 'I want it, and I want it now!'
At some time the debt has to be paid - with interest.
All of this seemed to be ethos of Labour's 13 year adminstration to make us all feel that everything was wonderful. The bankers were to blame in part, but the government jumped onto the reckless, giddy bandwagon too.
To quote a Conservative politician of years ago: 'You've never had it so good'. I think Labour took that as their mantra.
Debt has to be paid at some point, services still have to be provided and the problem is how to do that - pay the debt and still provide the services.
Whenever Ed Balls appears on tv, I cannot take a word he says seriously.
It is very amusing that people are saying that the previous administration was more like the Conservatives! Whatever the problem, whatever the party which caused it, let's shift the blame - if it was Labour who caused it, let's say that they were too much like the Conservatives!! 
If that wasn't so sad it would be hilarious - although I will say that Blair has become one of the biggest capitalists and self-centred beings on this planet since he left politics.