Quote:
Originally Posted by nomadking
The accusation was made that the deficit was solely the result of the crash. If that was the case then as the economy recovered, the deficit would've quickly dropped without austerity being involved. It didn't, even with austerity, therefore a sizeable chunk of the deficit was purely down to Labour overspending.
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The economy didn't quickly recover and has never enjoyed the same level of growth post the Global Financial Crisis. That's been at the heart of the British problem ever since: low growth and low productivity.