Turning points: a decade of austerity could be ending

Government total managed expenditure £bn

Years of real-terms spending cuts

Post-

devaluation

crisis

Austerity

Privatisation

Post-Suez

defence

crisis

Post-

sterling

crisis

Clarke

consolidation

800

700

600

500

400

300

200

100

1960

-61

70

-71

80

-81

90

-91

00

-01

10

-11

18

-19

Government total managed expenditure, £bn

Years of real-terms spending cuts

Post-Suez

defence crisis

Post-

sterling

crisis

Privatisation

Clarke

consolidation

Austerity

Post-

devaluation

crisis

800

700

600

500

400

300

200

100

1960-61

1970-71

1980-81

1990-91

2000-01

2010-11

2018-19