Why New Labour And Talk Of Austerity Must Go

During this period, Conservative ministers have presided over a colossal transfer of public assets and public goods from the state to the private sector. In parallel, the growth of real wages (i.e. purchase power) has more or less dissolved since the late 1970s, while monetary policy has pumped up house prices such that the average first-time buyer now needs a minimum income of £41,000 in order to secure a mortgage, almost double the UK’s average wage of £22,000. In response, households have been driven to take on massive levels of debt at the same time that job security and workers rights have gone into sharp decline. And all this while Conservative donors and those of high net worth have continued to pull away.

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