UK Austerity: Heinous or Hyperbole?
Background
One of the most prevalent narratives propagated in the run up to the recent general election in the UK—which continues to generate significant amounts of public outrage and media attention—is that of "savage" public sector cuts; the great evil that is austerity.
For anyone reading without any knowledge of UK politics, the 2010 election saw the end of a thirteen year reign of the Labour Party. The Conservative election campaign had strongly criticised Labour's record on the economy, accusing them of reckless spending and borrowing, particularly in the years leading up to and following the 2008 financial crisis.
Since the crisis was global in scale, the degree to which Labour were directly responsible for the huge (£153bn) budget deficit in 2010 is up for debate, nonetheless Labour's credibility was severely damaged. One of the primary stated goals of the Conservatives was to reduce the deficit and bring the country's finances back under control, which would involve rolli… continue reading