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Has it worked in the UK?

Austerity has been a key battleground in European economics in the past few years. Tejvan Pettinger asks, what is austerity? And to what extent has it helped recovery of the UK economy?


Austerity policies are those which aim to reduce government debt through a combination of higher taxes and/or lower government spending. These austerity policies could also be termed deflationary fiscal policy. ‘Austerity’ implies a period of low growth, low incomes and high unemployment.

Recently, the UK and several European economies have pursued austerity policies, despite being in a recession.

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