What is wrong with the UK economy?

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A scathing attack on the UK government’s current economic policy of severe austerity. The author, a past member of the Bank of England’s Monetary Policy Committee, claims that none of the current economic conditions demand austerity measures, and despairs at what he says are misguided solutions to misinterpreted problems. “In sum, the economic understanding underlying the Government’s economic priority on deficit reduction without regard for investment – public or private – has proven wrong along every line.”