A Conservative MP has claimed that public spending restrictions won’t be seen for a millennium, as the government pours money into the economy to deal with the shock of coronavirus.
Writing for ConservativeHome, Robert Halfon MP says the tide was turning against austerity, even before the coronavirus outbreak.
And, with the government pumping money into the economy to prevent a coronavirus collapse, Halfon says the age of austerity is over.
“It was clear the Budget signalled that the age of austerity was over; public expenditure on research and development, infrastructure, schools and the NHS was now a good thing,” he writes.
“With coronavirus finances added to that, it is clear that austerity is not over for an age, but a millennium.”
Halfon adds that the Chancellor’s decision to inject massive amounts of cash into the economy will strengthen the (left-wing) argument that state investment should be used to protect the most vulnerable.
Taking a different approach, the Tories decided to strip back public spending after the 2008 financial crash. An approach that even George Osborne – who was Chancellor at the time – does not endorse in current circumstances.
“Britain is now a moderate social democratic state,” Halfon writes.
Why it took Tories so long to recognise the benefits of state-led social democracy, we have no idea.