Krugman Says U.K. Austerity Push Is ‘Deeply Destructive’
Nobel laureate Paul Krugman said the U.K. government’s austerity plan is “deeply destructive” and it should instead step up spending to boost the economy.
The push for austerity “is failing dismally here,” he said in an interview on the BBC Radio 4’s Today program today. “The whole intellectual framework has been tested to destruction,” he said “and yet the government is insisting that it will not revise” its austerity plan.
“Britain should be spending a couple of percent of GDP more,” Krugman said. “By all means have a plan for cutting the deficit, for reining in long-run spending, but not now.”
To contact the reporter on this story: Svenja O’Donnell in London at email@example.com
To contact the editor responsible for this story: Andrew Atkinson at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.