Osborne cutting to the point of no return

‘Post 2015 we face either cutting spending on public services to the level of six and half decades ago, rolling back huge segments of the social security system or substantial tax rises’ writes Duncan Weldon of the TUC in a brilliant analysis if the implications of yesterday’s speech by George Osborne MP. The Chancellor reiterated that cuts would continue after the next election in an move calculated to lock down economic policy options into a paradigm of permanent austerity. ‘Politically this is exactly the debate the Chancellor wants’ says Weldon. The big question is whether or not Labour will continue to allow the Tories to set the terms of the debate on public finances or challenge the endless and counter productive spiral of austerity and cuts?
http://touchstoneblog.org.uk/2014/01/financial-repression-deficit-reduction