That isn't really what I said, and you seem to have a very simplistic idea of there being one party "at fault".
My point was this - the NHS under Blair, which you brought up as a properly funded, functioning system, was only able to achieve that because they brought in the PFI system. That's essentially a loan from the private sector.
The NHS, today, is still paying these off, huge amounts of money, and that is money that is not available for other things. So yes, some of the pinch now is because of retroactively paying for the NHS under TB. He has been very clever in arranging things so that would appear to have happened under someone else's governance.
The last Labour government before that, the UK overspent and was in the hole to the degree that they had to get an IMF loan to prevent a real economic collapse. This was a major part of the reason that the Tories in the early 80s had to institute such draconian austerity measures - that is the trade-off when you accept those kinds of loans, your economic policy is now largely decided by the people providing the money. Much like Greece more recently with EU money.
The Tories certainly haven't covered themselves with glory, but I don't really understand where this bizarre idea that Labour will fix things, or did much better, comes from. They are very much part of this boom/austerity cycle, and in any case, they are currently promising nothing for the NHS. I can't convince myself either that the situation would have been better had Labour been in charge of Covid management, I suspect they'd have dug an even deeper economic hole.