Election result changes the debate
Following an election that raised as many questions as it answered, some points are nevertheless clear. Labour's dramatically better-than-expected performance was built on a number of factors, but what stood out was a rejection of austerity. The electorate has sent a clear signal that after seven years of sluggish economic growth, stagnating wages and cuts to vital public services, enough is enough.
With the date for elimination of the deficit slipping gradually further into the future, it is time to admit that the policy has failed. The overall political mood has shifted and it is likely that the next government, whatever form it takes, will reflect that.
A question remains over whether a loosening of revenue spending would be balanced by cuts in capital expenditure.
TT has consistently backed the Government since 2010 for maintaining transport investment through the recession as the right thing to do for the economy. That should not be reversed now. Relaxation of austerity should go hand in hand with continued infrastructure investment for the long-term health of the economy
Full article available in the current issue of Transport Times
David Fowler, Editor, Transport Times
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