What seems missing from the analysis of austerity in relation to the recent UK General Election is that Brexit means endless austerity as far as the eye can see, as it likely takes 400 billion pounds a year out of the UK economy by 2025 on my estimate, enough to fund the NHS four times over.
Brexit means Brexit means austerity, whether it is Conservative or Labour in power, and whether either of them temporarily put funding the welfare state on the national credit card. Austerity was since 2009, and is going forward, the result of not giving a fig about the appallingly low level of UK productivity, its chronic balance of payments deficit, or its complete failure to re-balance the economy so the regions away from London and the SE can be really productive.
We are going over an economic cliff and austerity is the least of our problems, a mere symptom, albeit a ghastly one that will hurt so many. Walk away from Brexit asap and focus on the real economy inside our existing trade relationships.