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George Osborne’s austerity U-turn

Former Chancellor George Osborne has come out in favour of radical spending measures to cope with the coronavirus crisis.

Posting on Twitter yesterday evening, Osborne said it was “Time for a massive government scheme to underwrite bank loans to businesses – and help them and their employees through this crisis. £100s billions pounds in scale. Budget measures last week were fine, but not enough.”

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You will remember that Osborne was (in)famously the architect of austerity after the 2008 financial crisis – imposing eye-watering cuts on public services while the economy struggled.

Many people will therefore justifiably question why he believes in public spending now, but was so opposed to the idea from 2010 onwards.

We look forward to an explanation.


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