Tag: Austerity

Does the increase in public debt mean austerity failed?

I’m seeing lots of variations on ‘how can the Tories criticise Labour’s borrowing plans when debt has risen by £800 billion under their watch?’. But much of the thinking here is pretty muddled. It might be helpful to start by spelling out the difference between 'borrowing', or 'deficits', and 'debt', which many still seem to … Continue reading Does the increase in public debt mean austerity failed?

Is the UK economy £100bn smaller because of austerity?

In a thought-provoking blog for the New Economics Foundation (NEF), Alfie Stirling has made the striking claim that the cumulative effect of austerity since 2010 has been to reduce the level of UK GDP in 2018/19 by 4.7%, or almost £100 billion. This is equivalent to “around £1,500 for every woman, man and child this year alone”.  … Continue reading Is the UK economy £100bn smaller because of austerity?