Austerity policies from the Treasury have resulted in slower growth in every year since 2010 and left each household £300 a month worse off as a result, a thinktank has said.
The New Economics Foundation said the cumulative effect of tax, public spending and welfare adjustments on growth by the end of the 2018-19 financial year would be to leave the average household £3,629 a year worse off – the equivalent of £1,495 per person.
Alfie Stirling, head of economics at the NEF, said work by the Office for Budget Responsibility and the Institute for Fiscal Studies made it possible to isolate the effects of austerity.
“At this time of year there is often renewed speculation over whether the chancellor will meet his year-end deficit targets by March. But for nine years, the elephant in the room has largely been missed: the sheer scale of economic damage that these targets have contributed to in the first place.”
https://www.theguardian.com/business/2019/feb/21/uk-economy-100bn-smaller-because-of-austerity-thinktank
The New Economics Foundation said the cumulative effect of tax, public spending and welfare adjustments on growth by the end of the 2018-19 financial year would be to leave the average household £3,629 a year worse off – the equivalent of £1,495 per person.
Alfie Stirling, head of economics at the NEF, said work by the Office for Budget Responsibility and the Institute for Fiscal Studies made it possible to isolate the effects of austerity.
“At this time of year there is often renewed speculation over whether the chancellor will meet his year-end deficit targets by March. But for nine years, the elephant in the room has largely been missed: the sheer scale of economic damage that these targets have contributed to in the first place.”
https://www.theguardian.com/business/2019/feb/21/uk-economy-100bn-smaller-because-of-austerity-thinktank
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