AS Harold Wilson is often quoted as saying "A week is a long time in politics" BObOriginally Posted by the other bob wilson
10 years is a Millenium!
Politics have changed greatly since 2010 particularly in the last year. The Tory party had already started to say that we would not be returning to austerity and the pandemic has now accelerated this.
I think it is now recognised that in an age of very low interest rate increasing the National Debt is not such a problem as it was when interest rates were higher. If I remember correctly back in 2010 when the Government embarked on its austerity program (which to be fair Labour were also going to do except we now of course have no idea whether it would have been as strict or lasted as long as the Tory version) the thought was that the low interest rates would soon start to go up making too large a National Debt an expensive proposition.
Thus the plan was to decrease the annual deficit so as to make the debt growth smaller.
The perceived wisdom now is that interest rates have remained low and are likely to do so for a while so we should take advantage of them and borrow more now.
Also as Lord Finkelstein the Times columnist said the strength of the Conservative Party over the years is it ability to adapt itself to changing circumstances. Thus it sees no dichotomy in championing austerity 10 years ago and splashing the cash now.
On the hand when Labour has to change course it is far more difficult for them to do
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