As far as Cameron, Blair etc are concerned everything is going to plan.
The biggest coup the Tories have ever had, their crowning achievement in the last 100 years, was getting "New Labour" elected.
A group of Tories with red hats on, pretending to be Labour, implemented conservative policies until they destroy the economy. And then the public, feeling let down by socialism, turn the the Tory party for salvation, and they, is a whirlwind of neo-conservatism, backed by a wave of popular support by fools who know know better, hand the entire nation on a plate to their wealthy friends, reversing hundreds of years of progression and returning the country to a truly feudal state.
Things haven't gone wrong with the economy... they've happened exactly as intended.