All three main UK political parties now base their economic arguments on a premise which has come to be accepted as truth, but which may be false. The premise is that ‘there is no money left’ and this is used to justify austerity. We don’t want to cut, the argument goes, but there is no money left, so we have to make difficult decisions.
On the eve of the local elections, some extraordinary remarks by a Minister probably got less attention than they deserved.
Defence Secretary and multi-millionaire property developer Philip Hammond tried to shift the blame for the financial crisis in the direction of ordinary UK households, saying, ‘the banks had to lend to someone’ and the people who took out loans were ‘consenting adults’.