Policy

Austerity is Over

AUSTERITY is dead folks, After seven long, hard and exhausting years, the government’s cost-cutting programme is apparently over.

Theresa May held the last rights for Cameron and Osborne’s hated economic love child at the 1922 Committee meeting*.

But you will be surprised to learn in state spending terms, Austerity has been dead for years. We are still borrowing £58bn a year, spending will rise from £773bn last year to £802bn this year.

The Economy is slowing, inflation is up and wages are not keeping up with the cost of living. It’s a crisis. Jeremy Corbyn tapped into this anger during the election campaign and it cannot be ignored.

Tory MP’s have also told Mrs May that they will refuse to vote for more spending cuts and Gavin Barwell, Theresa Mays new chief of staff – An MP who lost his Croydon Central seat said that Austerity is the reason many voters backed Jeremy Corbyn.

Boris Johnson, David Davis and other prominent Tory MP’s told her that she had misjudged the public mood concerning Austerity and that something had to change.

*JARGONBUSTER

1922 Committee
Also known as “the ’22”, the committee of all backbench Conservative MPs meets weekly when the House of Commons is sitting. When the party is in opposition, frontbenchers are allowed to attend, although the leader cannot. When the party is in government and the leader attends, members are said to bang their desks in approval when the chief arrives. The Committee takes its name from a meeting of Conservative MPs on October 19 1922. The MPs successfully ended the party’s coalition with the Liberals, bringing down the government of David Lloyd George.

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