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2016 | OriginalPaper | Chapter
7. Light at the End of the Tunnel
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Abstract
Belatedly, the European Central Bank embarks on a programme of quantitative easing in the eurozone just as GDP in the UK picks up and there is a collapse in global oil prices. The UK now becomes one of the fastest growing economies in the developed world, just in time for the 2015 election which sees a Conservative government elected for the first time since 1992. Ironically, George Osborne scales back his election pledges for even more austerity, even though the deficit is still 5 % of GDP. The author considers how much of the recovery is down to austerity and how much to global events. He also examines the changing pattern of public spending in the UK.