Ruth Porter discussed austerity with Hannah Sell from the Socialist Party. She argued that it is a myth that we're in the midst of austerity; in reality there has been a small number of cuts. The government is still spending close to 50% of GDP.
A great detail of the deficit reduction plan has relied on putting up taxes which has damaged growth. As today's IoD report pointed out, 44% of busineess have put off decisions about investment and employment due to uncertainty.
Economic growth must come from business and life must become easier for them. The government must not block the private sector through planning regulations, for example. If we want to live in a prosperous society, we need a society where we have businesses to create jobs.
Listen here. Segment starts at 6.06.