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Digital Subscriptions > Prospect Magazine > August 2017 > Austerity’s death rattle

Austerity’s death rattle

Good riddance to a failed policy

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Subjects can dominate the agenda one day, and then drop from view. Something of the kind has been happening to austerity. Two years ago nothing seemed so important to George Osborne as eliminating the budget deficit. In 2015, fresh from masterminding the Conservatives’ unexpected win, Osborne pledged himself to achieving a surplus by 2019-20 and announced further cuts of £12bn in welfare. Austerity, having been relaxed before the election, had returned with a flourish. Not only did the Chancellor claim that his austerity policies had produced economic recovery, but committed himself to an annually balanced budget for all time. No more nasty borrowing.

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In Prospect’s August issue: Adam Tooze, Helen Thompson, Ben Chu, Julian Baggini, Tom Clark and Hepzibah Anderson reveal the secret history of the banking crisis and its impact over the last decade. Tooze examines the secret history itself, suggesting the work done to repair the world’s finances could mean another crisis is just around the corner. Chu asks why more people at the top of the banks that failed haven’t faced more serious repercussions, and Anderson shows how post-crash Britain has retreated into cosiness. Elsewhere in the issue Alison Wolf asks whether universities are doing any good, and David Goldblatt explores how the decision to take football off free-to-view television in Argentina could backfire for the government. Also in this issue: Kasia Boddy asks why writers are still addicted to watching boxing despite falling viewing figures, Andrew Dickson profiles Tom Stoppard, Stephen Bush explains how Jeremy Corbyn learned to compromise and David Omand outlines the cyber-security challenges facing the UK and the wider world.
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