Tuesday, May 29, 2018

The Alleged Austerity of the United Kingdom

1 MIN READ - The Short Read from the Cautious Optimism Correspondent for Economic Affairs and other Egghead Stuff questions seriously the decade-old presumption of budget "austerity" in Europe.

Nearly a decade after the global financial crisis, the New York Times continues to propagate the myth of European "austerity" with a front page story this week about the long-term impoverishing effects of ten years of "budget cuts" in the United Kingdom (see article link).


Has the New York Times even bothered to look at the British government’s budgets for the last ten years?

From HMTreasury National Archives. Note that spending has risen every single year since 2008 and is up 40% since the financial crisis. If this is their definition of "austerity" then what does it take to be considered profligate spenders?

2008       582.23 £ billion
2009       633.81 £ billion
2010       673.10 £ billion
2011       714.34 £ billion
2012       720.87 £ billion
2013       740.73 £ billion
2014       746.12 £ billion
2015       761.11 £ billion
2016       762.28 £ billion
2017       780.27 £ billion
2018       814.02 £ billion

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