No, you haven't.
Was the Labour government that ruled Britain before the crisis profligate? Nobody thought so at the time. In 2007, government debt as a percentage of G.D.P. was close to its lowest level in a century (and well below the level in the United States), while the budget deficit was quite small. The only way to make those numbers look bad is to claim that the British economy in 2007 was operating far above capacity, inflating tax receipts. But if that had been true, Britain should have been experiencing high inflation, which it wasn’t.