The reason we need austerity cuts is because Britain has no industry to rely on. If the country still had nationalised rails, power stations, oil etc. there would be no need for all of this rubbish which is literally ruining millions on lives in the UK, there is now a record amount of people who are dependant on food banks to live upon.

One policy of Corbyns is to re-nationalise railways, power stations etc. because of the massive amounts of money it would bring into the UK. I know that the 'spend money when there is none' argument is piss poor, but the fact of the matter is, not spending any money will never get any either, it'll just push the lower earners in the country into a downward spiral of poverty, like what is seen in the US.

I'm no economy expert, I'm sure nobody on the forum is, but even if you disagree with what I've written above, austerity, will not bring any money into the UK, because it isn't an industry, and with the cuts it has brought to education, the people currently going through it will get a worse education and therefore worse jobs/opportunities. The people that will hold their heads above the water are the ones with enough money to not be affected by any recession in the first place.

In conclusion, we need an industry that isn't there to supplement the country's money issues...So yep, I'm blaming Thatcher

-Sam

I hope Corbyn wins and we get a split. I don't see how Labour can recover with its current poor leadership candidates, unhinged membership and heavy ties to unions.

I'm going to pick up on this point because I think there is a lot of Tory rhetoric behind this view and whilst it's right in some respects, it's also a very simplified view.

Spending money when in debt is generally bad but it does depend heavily on where that money is spent. Your viewpoint suggests that most Government spending doesn't have a benefit to the economy and public finances, but cost/benefit analyses often shows there are a lot of areas in which spending can vastly improve economic growth and public finance. For instance, for every £1 spent in science research, the economy will benefit by £3 within 5 years due to the jobs and companies that form from new discoveries. There are plenty of areas of spending that will help improve public finances, even some that you may think are a complete drain on resources.

@ bolded

On your analogy, if you spend that £1000 on alcohol and drugs, that'd be a waste, but if you spent it on getting a qualification that got you a job that paid you enough to comfortably pay off your credit card bills, that would be worth it. 

Just like Europe, the US, Japan and quite a few other countries the UK is still building debt and it doesn't really matter if a Labour or Tory government the debt keeps rising. The reality is we are borrowing to fund our lifestyle creating huge debt for future generations which is very unfair. Corbyn is quite honestly an idiot as are most politicians and the people who vote for them. When you explain to people that the money isn't available unless we borrow it for the NHS etc and that means servicing more debt in the future they just ignore it and continue expecting politicians to fund everything.

Living within our means seems alien to most people. By delaying austerity you only make it far worse when it finally hits.

The only good thing about the current situation is Labour have moved further to the left so basically completely unelectable allowing the Conservatives to win the next general election easily. This means they will be under less pressure to keep funding departments to the same level with no effective opposition. I don't want the NHS etc to be cut back but the reality is if you don't have the money you can't fund it.