Since the general election of May 2015 there has been a polarisation of attitudes on economic policy across different political parties. The current Conservative government is committed to an economic policy which puts primary emphasis on stabilising the public finances. This reflects their belief that this is the best way to ensure long-term economic stability.
In contrast, the Labour opposition argues that the austerity programme implemented to bring public spending under control has had damaging effects on the living standards of those on low incomes. In this article we will review the impact of government policy on the current state of the economy and assess the likely impact of the policy programme set out by the Conservatives.
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