As far as I can see from the stats, after a relatively long period of low inflation after the war, it first got out of control under the Heath/Barbour government in the early 70s. It hit 27% at one point!

No wonder the unions were recommending strike action to their members! And no wonder when Heath asked 'who governs' the electorate said 'well, not you mate... on your bike!'. Then after a period of struggling with it, Labour got it under control again by the late 70s before it galloped off again under Thatcher. To be fair to her, the stats show it then falling but it was increasing by the time she left office in 1990:
http://www.statistics.gov.uk/STATBAS...9&More=N&All=Y
To me, I really don't see where the Tories rep for economic competence comes from. I would say it is more to do with the fact that they've been lucky enough not to be in power during the major global economic crisis of the last 30-40 years. And when they have been in power during the good times, they truly haven't fixed the leaking roof. Our infrasture is in a bad way. It is embarrassing to compare with places like Germany or Norway. Far too much was squandered on tax cuts for the super rich when those tax revenues could have been used to invest in the future of our country.