May Tells U.K. Conservatives End of Austerity Is in Sight
Comment of the Day

October 03 2018

Commentary by Eoin Treacy

May Tells U.K. Conservatives End of Austerity Is in Sight

This article by Jessica Shankleman for Bloomberg may be of interest to subscribers. Here is a section:

“A decade after the financial crash, people need to know that the austerity it led to is over and that their hard work has paid off,” May told the Conservative Party conference in her keynote speech in Birmingham Wednesday.

Chancellor of the Exchequer Philip Hammond has faced months of calls to end the squeeze after a backlash cost the Conservatives their parliamentary majority last year. The government has already relaxed a 1 percent cap on pay increases in place since 2010 and promised extra funding for the National Health Service, a response to the electoral threat from the opposition Labour Party led by socialist Jeremy Corbyn, who has pledged to increase spending.

Eoin Treacy's view

The biggest question for establishment politicians is how to blunt the rising tide of populism. Social democracy has prospered for decades not least because workers have been compensated with social services following the loss of manufacturing and heavy industry jobs.

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