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Why the election result marks the end of austerity

The Tories will have no majority for divisive spending cuts in a hung parliament.

Ever since they won a small majority in 2015, the Conservatives have struggled to pass further austerity measures. They were forced to abandon planned cuts to tax credits and disability benefits. Philip Hammond dropped the proposed increase in National Insurance on the self-employed just a week after the Budget.

With Parliament newly hung, austerity will all but end. The DUP, who the Conservatives will depend on for their majority, have long opposed aggressive spending cuts. Their manifesto called for the abolition of the "bedroom tax" and the maintenance of universal pensioner benefits and the state pension "triple lock".

Many Tory MPs are fiscal nimbys, who subscribe to austerity in theory but not in practice. A significant number are resolutely opposed to any measures that further reduce their constituents' living standards. The damage inflicted on the Conservatives last night will be hailed as a vindication of this stance. Further cuts create too many losers for comfort.

After seven years, Britain has lost patience with austerity. May's cold insistence to a nurse that there was no "magic money tree" to end the public sector pay cap exemplified the Tories' predicament. Having deferred George Osborne's budget surplus target to 2025, much of the impetus behind austerity has already been lost. An ultra-fragile majority, Brexit and the economic downturn will combine to halt it altogether.

George Eaton is political editor of the New Statesman.

Arsène Wenger. Credit: Getty
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My biggest regret of the Wenger era? How we, the fans, treated him at the end

Arsenal’s greatest coach deserved better treatment from the Club’s supporters. 

I have no coherent memories of Arsenal before Arsène Wenger, who will leave the Club at the end of the season. I am aware of the Club having a new manager, but my continuous memories of my team are of Wenger at the helm.

They were good years to remember: three league titles, seven FA Cups, the most of any single manager in English football. He leaves the Club as the most successful manager in its history.

I think one of the reasons why in recent years he has taken a pasting from Arsenal fans is that the world before him now seems unimaginable, and not just for those of us who can't really remember it. As he himself once said, it is hard to go back to sausages when you are used to caviar, and while the last few years cannot be seen as below par as far as the great sweep of Arsenal’s history goes, they were below par by the standards he himself had set. Not quite sausages, but not caviar either.

There was the period of financial restraint from 2005 onwards, in which the struggle to repay the cost of a new stadium meant missing out on top player. A team that combined promising young talent with the simply bang-average went nine years without a trophy. Those years had plenty of excitement: a 2-1 victory over Manchester United with late, late goals from Robin van Persie and Thierry Henry, a delicious 5-2 thumping of Tottenham Hotspur, and races for the Champions League that went to the last day. It was a time that seemed to hold the promise a second great age of Wenger once the debt was cleared. But instead of a return to the league triumphs of the past, Wenger’s second spree of trophy-winning was confined to the FA Cup. The club went from always being challenging for the league, to always finishing in the Champions League places, to struggling to finish in the top six. Again, nothing to be sniffed at, but short of his earlier triumphs.

If, as feels likely, Arsenal’s dire away form means the hunt for a Uefa Cup victory ends at Atletico Madrid, many will feel that Wenger missed a trick in not stepping down after his FA Cup triumph over Chelsea last year, in one of the most thrilling FA Cup Finals in years. (I particularly enjoyed this one as I watched it with my best man, a Chelsea fan.) 

No one could claim that this season was a good one, but the saddest thing for me was not the turgid performances away from home nor the limp exit from the FA Cup, nor even finishing below Tottenham again. It was hearing Arsenal fans, in the world-class stadium that Wenger built for us, booing and criticising him.

And I think, that, when we look back on Wenger’s transformation both of Arsenal and of English football in general, more than whether he should have called it a day a little earlier, we will wonder how Arsenal fans could have forgotten the achievements of a man who did so much for us.

Stephen Bush is special correspondent at the New Statesman and the PSA's Journalist of the Year. His daily briefing, Morning Call, provides a quick and essential guide to domestic and global politics.