Liam Byrne: 'No money left' note was a mistake
23 September 2013 Last updated at 09:00 BST
As outgoing chief secretary to the Treasury following Labour's defeat in the 2010 general election, Liam Byrne famously left a note to his successor saying: "Dear Chief Secretary, I'm afraid that there is no money. Kind regards and good luck."
Now shadow work and pensions secretary, Mr Byrne told HARDtalk's Stephen Sackur that Labour had always been a party of fiscal discipline.
He said in retrospect it had been a mistake to leave the note but it was an old Treasury tradition going back to the 1930s.
You can watch the full interview on BBC World News on Monday 23 September at 14:30 and 20:30 GMT and on the BBC News Channel at 00:30 on Tuesday 24 September.