The price of Britain's fiscal follies

Britain's return to economic growth shouldn't justify the government's overwhelming focus on fiscal consolidation, which will have severe consequences in the long term.

FT.com

George Osborne is quite sure that “Britain’s economic plan is working”. Now, with growth returning, he argues for a “responsible recovery”. But the prior question is: what is the UK recovering? Policymakers have given up on recovering what the economy has lost. They believe the public will and must accept far less. Only those equally pessimistic should regard such an outcome as a vindication of government policies.

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