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Yeah but you've missed a big point
Idealogically the tories yearn for a smaller state, by wrapping up the reduction in nstate spending as essential austerity to baslance the books they can do so with less push back from the public, political genius.

Also, the private sector hasn't filled the gap as planned, however at the beggining of all oif this, no one guessed thye global economic "downturn" would last so long. Had there been a stronger global and European recovery the plan may have worked better. Hindsight innit.