The Macroeconomics of Austerity

A new study from the thinktank the Progressive Economics Forum (PEF), uses official figures to show that the total economic damage inflicted by austerity is significantly higher than previously thought, needlessly cutting more than half a trillion pounds from public expenditure.

Using figures from the Office for Budget Responsibility, the paper demonstrates that governments from 2010 onwards could have maintained historic rates of growth in public spending and still have reduced Britain’s government debt burden by 2019.

Click the image below to read the full report.