Governments are not households - the failure of Con Dem austerity policies

John Lanchester, writing in the London Review of Books, takes a scalpel to the UK's economic performance under the Con Dem's and concludes that austerity policies are failing on their own terms. When creative accounting is reversed and interest from quantitative easing is discounted, the structural deficit stands higher then when the Coalition Government took office in May 2010:
http://www.lrb.co.uk/v35/n01/john-lanchester/lets-call-it-failure