By Shaun van Eeden
Since the Conservative party came into power in 2010, we’ve been given a healthy dose of austerity to cure what was portrayed as a debt problem caused by a spendthrift Labour government. This austerity pill would cure the illness of public debt that the Tories said was holding the economy back. We had to ‘live within our means’.
This position implied that our debt to GDP position was firstly a result of too much public spending which was, to put it lightly, a deliberate misrepresentation of the facts. It was the bank bailouts arising from the global financial crisis that caused the huge deficit. It implied, secondly, that our debt levels posed an immediate existential crisis – que the inevitable comparisons with Greece and other Eurozone member states with budget crises – that required drastic cuts to public expenditure. Continue reading “Strong and stable; are the Tories really better on the economy?”