Britain’s Austerity Trap

Why is one of the world’s richest countries still behaving like it’s broke?

In this episode of Explaining History, we dive into Yanis Varoufakis’s searing critique of Britain’s ongoing austerity dilemma under the new Labour government. Despite hopes for change, Chancellor Rachel Reeves faces the same iron cage of fiscal rules, banker subsidies, and Treasury orthodoxy that has strangled public spending for decades.

We unpack the hidden costs of so-called “zombie austerity,” from unerfunded public services to a staggering £34 billion annual transfer from taxpayers to banks. Is Britain trapped by myths of fiscal discipline and “credit card economics”—or is there a way out?

Join us as we explore the structural forces keeping Britain stuck in austerity’s shadow—and what a truly radical economic alternative might look like.

Also, follow events in Bogota and steps to end the genocide in Gaza here and here

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