The Guardian's editorial this morning hits the nail on the head:

You cannot cut your way to growth

There are many reasons for this mistaken policy, but a key aspect of it is the zero-sum view of #investment... if the state invests, it 'crowds out' private sector investments.

Only when the state is seen as facilitative & positive will this view become less corrosive.

Before then, we can expect more #austerity & the pious hope the 'confidence fairy' will deliver growth

https://www.theguardian.com/commentisfree/2023/oct/13/the-guardian-view-on-the-austerity-delusion-economies-cannot-cut-their-way-to-growth

@ChrisMayLA6

I wonder, occasionally, when Keynes, or a 21st century version, will become the aim of ritual obeisance in the Financial ministries again.

Rather than the worship of Money Supply after spending a decade watering it down, rewarding banks for specious mathematical alchemy.

From about 2016 I presumed the world would have a general recession and the UK, outside of the EU, a full on depression. Instead we have a slow stagnancy.