First, I want to ask, is it even desirable to cut our deficit at the moment? If the government stops spending when the economy slows down, then even more money leaves the system, and we get a vicious circle. Austerity is one reason we've seen the slowest recovery since the 2008 crash in any of the major economies. We injected a huge amount of cash into the financial system after that crash, most of which sits inside banks doing nothing. Imagine if the government had injected it into the real economy instead, where it could actually do some work.
Now, let's look at where public money comes from. £120 billion a year is lost to tax avoidance. That's greater than all the austerity cuts we've seen. If we simplify the tax code and fund tax enforcement properly, we can avoid cutting services for the most vulnerable.
But, it goes deeper than that. Some of the fundamental problems with our deficit and national debt are down to the way new money is created. Where most of it benefits banks, not the government its self. We need to reform our monetary system, and change the way money is created, if we're to have any control over our deficit at all.
All in all, austerity is an ideological attack on our public realm, using the excuse of the 2008 financial crisis as wool to pull over our eyes. Let's stop dismantling the UK's public services, make people pay what they owe, and fix our monetary system instead.