This was entirely predictable. The right convinced themselves that severe austerity measures would somehow magic up growth. It didn’t work. Any student of history could have told them it wouldn’t work.
They wouldn’t listen, because their hearts told them that the solution to the nation’s woes was to implement savage measures against the have-nots, while protecting the wealth and privilege of those at the top.
Something similar has been happening in New Zealand in recent years. Our austerity measures have been less severe, and the effects less dramatic, but the result has been little or no growth. The British situation is a reminder to us of the folly of slashing government expenditure during a downturn.
So what now for the UK? Their austerity measure didn’t work, so what’s to be done?
More austerity, dammit! The British economy must be brought back from the dead, but first they must kill the patient.