Austerity and the mistaken lessons of history

Is Britain's blind loyalty to austerity a fundamentally flawed policy or a genuine effort to pivot from the profligate policies of the past towards a brighter future via a tightened belt? Extreme austerity can severely hinder growth leaving the country panting as it tries to regain its footing and when the International Monetary Fund is even urging for restraint, it may be a good idea to think about it.