Austerity until 2020, so says David Cameron today. It is not at all clear though what he means by this.
The government needs to work harder on eliminating the deficit. Their timeframe for getting rid of it has already slipped from a target of 2015, until 2017. Surely Cameron is not now suggesting they won't manage it until 2020?
Public spending is around 47% of GDP and the deficit this year alone is forecast to be around £92bn. With a national debt already over £1 trillion, by the end of this Parliament it will be around £1.5 trillion. The government has increased taxes to try and begin to close the deficit and has also made minor spending reductions - but the size of these has been woefully inadequate.