Support 100 years of independent journalism.

  1. Science & Tech
  2. Coronavirus
4 May 2020updated 06 Oct 2020 9:45am

Why the UK must not return to austerity after the coronavirus crisis

By Samuel Horti

Government spending designed to help Britain through the coronavirus crisis will push the budget deficit to more than £200bn this year, according to forecasters, and debt is set to surpass 100 per cent of GDP. This surge is already prompting demands for austerity, which proved so destructive for British society in the decade to 2020.

In an article published on the New Statesman today, 12 leading economists lay out exactly why a return to austerity would be such a bad idea. The economists, including Mariana Mazzucato, Robert Skidelsky, Ann Pettifor, David Blanchflower and others, present an alternative case for growth and investment, progressive tax rises and Bank of England money creation. Whether Prime Minister Boris Johnson heeds their calls will show us how much the Conservative part has really changed.

You can read the full article here.

Sign up for The New Statesman’s newsletters Tick the boxes of the newsletters you would like to receive. Quick and essential guide to domestic and global politics from the New Statesman's politics team. The New Statesman’s global affairs newsletter, every Monday and Friday. The best of the New Statesman, delivered to your inbox every weekday morning. A handy, three-minute glance at the week ahead in companies, markets, regulation and investment, landing in your inbox every Monday morning. Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday. A weekly dig into the New Statesman’s archive of over 100 years of stellar and influential journalism, sent each Wednesday. Sign up to receive information regarding NS events, subscription offers & product updates.
I consent to New Statesman Media Group collecting my details provided via this form in accordance with the Privacy Policy