The major domestic political event was the Chancellor’s Autumn Statement. This has now morphed into a mini-budget so it will take a while to fully unpack precisely what Osbo’s proposed changes add up to. But he no doubt anticipated that he’d grab the headlines with the combination of the reaffirmation of his faith in the voodoo of austerity and the return of the debt-fuelled growth that got us into this mess in the first place. The OBR lent Obso a hand in the bid to dominate the front pages when it calculated that his sums imply that by 2018 spending on public services will be reduced to levels not seen since 1948.
Commentators were quick to point out that a year or two ago Cameron was assuring us that deficit reduction was as a necessary evil – as painful for him as it was for those directly affected and only being undertaken to get the public finances back on an even keel. Over the last few weeks, with contributions from Cameron, Johnson and now Osborne, we are witnessing the gradual exposure of the ideological nature of the Tories’ austerity project. The pretence has been abandoned. It’s some sort of revolting market fundamentalist dance of the seven veils. [Read more...]