For most of the last decade, the Conservative government has said they want to cut government spending to balance the books as they rolled out austerity nationwide. But since the start of lockdown, something seems to have changed. The chancellor keeps saying “this is not the time for ideology” as he announces new, expensive schemes to keep the economy afloat.

So - what’s going on? It’s not the first time that politicians have announced ‘the end of austerity’. But, with the government paying the wages of up to a third of the UK workforce through the furlough scheme, has something shifted? Has the government truly moved ‘beyond ideology’? Will austerity be back - but by another name? And where does conservatism go from here?

In this episode of the Weekly Economics Podcast Ayeisha Thomas-Smith is joined by NEF CEO Miatta Fahnbulleh and Director of Research & Advocacy at Common Wealth Miriam Brett.

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Researched by Margaret Welsh. Produced by Becky Malone.

Music by Chad Crouch and Poddington Bear, used under Creative Commons licence.

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The Weekly Economics Podcast is brought to you by the New Economics Foundation. Find out more at www.neweconomics.org