Business

Cameron’s failure: austerity

stumblingandmumbling.typepad.comDavid Cameron’s premiership must be considered a failure. He wanted to keep the UK in the EU, but failed; he wanted to preserve the Union but Scotland might well leave as a result of Brexit; and he wanted to heal a “broken Britain” but leaves the country divided and with hate crime rising.

A big reason for these failures lies in economic policy. Unnecessary austerity contributed to Brexit in four ways:

– In contributing to stagnant incomes for many, it increased hostility to immigrants, which some Brexiteers exploited. When combined with high inequality – which Cameron did little to combat – it also contributed to increasing distrust of “elites”. It might well be for this reason that Theresa May has spoken of the need to abandon austerity and reduce inequality: she can now see – with the benefit of hindsight – that these have toxic political and cultural effects.

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