Vince Cable has written for City AM about governemnt’s fiscal responsibilities and how it has become less important to be financially credible.
Yet since the 2015 election, belief in financial magic appears to have grown. Brexit’s biggest appeal was a treasure trove to finance the NHS. Labour has caught the new mood.
A few weeks ago, shadow chancellor John McDonnell added £200bn of PFI contracts to a lengthening list of Labour financial commitments, including the nationalisation of rail franchises, energy and water utilities, free universities, and much else.
The IFS was scathing at the June election about Labour’s numbers, but it did little political harm, perhaps because the Conservatives had no numbers at all, and have since oscillated between preaching austerity and signing cheques when pressed. My own party, the Liberal Democrats, received an IFS Gold Medal in 2017, but it did us little good.
He then goes on to talk about a recent discussion with economics students who thought that austerity had had its day. Vince recounts the main points that he made with his response:
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