Not often that I’d be inclined to agree with Syriza, but Yanis Varoufakis had a point last night when he questioned the degree of austerity that has happened in Britain. The Conservatives talk a good game, he said, but George Osborne’s cuts pretty much stopped after year one.
I’m going to give a compliment to George Osborne and the Tory government. It’s going to create some consternation in the Tory part. He hasn’t really practiced austerity, he has talked about austerity and it didn’t work. He killed of the nascent recovery after 2009 with the little bit of austerity he did, but he stopped it.”
The below figures, drawn from Treasury data, rather back him up. Osborne started off well, but then – just as Varoufakis said – ground to a halt.
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