Is the government’s economic policy working? Obviously not, but John Lanchester in the London Review of Books observes that “the scale and speed and completeness with which things are going wrong are numbing”.
Lanchester explains why the government’s austerity policy is failing on its own terms and the deficit remains stubbornly high. He also reminds us why treating a government’s finances as if they were a household’s is a disastrous mistake. A sobering read.