Austerity policies have dragged on the UK economy to the tune of £300 per household, per month since the Conservatives came to power, according to the New Economics Foundation thinktank. Its analysis says that under the programme of cuts first introduced by a Tory coalition with the Liberal Democrats, the economy has been left £100bn smaller than it would otherwise have been.
Last year the UK suffered its worst year for GDP growth since 2012 – debunking the chancellor’s claim that Britain can reap an economic dividend if MPs vote for Theresa May’s Brexit deal. The economy grew by just 0.2% in the final three months of 2018, down from 0.6% in the third quarter. For 2018 as a whole, GDP growth slipped to its lowest since 2012, at 1.4%, down from 1.8% in 2017.
As the Brexit deadline nears, car makers are stockpiling parts, banks have moved employees to Ireland and continental Europe, and Panasonic and Sony have moved their EU headquarters to mainland Europe. (The Guardian, 12 and 21st February 2019).
With even the hardest-line Tory politicians moving their own money to safe harbours such as Panama, the situation can only get worse. They should be fully accountable. Watch while they blame everyone else but themselves! (“If only we had been in charge – May was hopeless”*). This is something they do do well!