7. Conclusion

The financial crisis undoubtedly represented a moment of upheaval in the UK economy. However, the elite-level ideational response it produced was not novel, but rather drew upon extant traditions of thought, most obviously those associated with the notion of austerity. As such, the crisis has been defined in accordance with the perspectives and interests of some groups rather than others, drawing upon certain values and assumptions about economic life that pertain irrespective of the proximity of crisis. In short, austerity promises ‘radical continuity’ in economic statecraft. Yet we should not assume that the hegemony of this position will persist indefinitely; austerity is an idea for exceptional times, and it remains unclear whether acquiescence to its prescriptions will continue in more ‘normal’ political and economic circumstances.