UK, Austerity?

I think what people refer to as austerity doesn't actually mean austerity but instead means a stopping of the public sector gravy train. This Graphic from the spectator tells us everything we need to know.

The 8 years refers to Osborne's plan which was laid out in the spending review. Denis Healey was the British chancellor from 74-79, in 76 the GBP collapsed and the country, embarrassingly, had to be bailed out by the IMF. Despite Healey being a leftwing labour politician he was a moderate and understood that the painting was on the wall.

The situation Britain faces is comparable to the time of Denis Healey, but the leaders are seemingly blind to the obvious.