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Austerity

Has it worked in the UK?

Austerity has been a key battleground in European economics in the past few years. Tejvan Pettinger asks, what is austerity? And to what extent has it helped recovery of the UK economy?

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Austerity policies are those which aim to reduce government debt through a combination of higher taxes and/or lower government spending. These austerity policies could also be termed deflationary fiscal policy. ‘Austerity’ implies a period of low growth, low incomes and high unemployment.

Recently, the UK and several European economies have pursued austerity policies, despite being in a recession.

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