Austerity in the U.K. is here to stay. The Bank of England has warned that the country is facing the longest recession since records began, predicting that the economic slump will extend well into 2024. At the same time, the most recent budget has been called austerity 2.0 by companies, unions, political figures and policy experts. This suggests the era of public spending cuts seen since 2010 has reached the next phase: austerity as the “new normal.”
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Source: Phys.org