The Austerity Fairy.
I have to draw your attention to the linked post over at Cafe Hayek, if only because I love the idea of the Austerity Fairy. Much as the BBC, The Guardian and the public sector unions are screwing up their eyes and believing her into life, this Tinkerbell doesn't exist in Britain either. Sorry. Year on year increases in public spending are not 'cuts' or 'austerity' except in Leftist Fairyland. At the risk of sounding like a British Marxist talking about Socialism, no-one can say austerity has failed, because it hasn't really been tried yet.