Austerity, British style.

George Osborne’s great trick was to talk tough while putting into practice a programme which was admirably pragmatic and flexible. Whereas Ireland managed to reduce its gross public debt from 86 per cent to 75 per cent of national income between 2010 and 2016, Britain’s public debt carried on rising: from 76 per cent to 89 per cent. In short, Britain never experienced austerity.

Nick Macpherson, former Permanent Secretary to the Treasury, writing in the FT.

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