Re: @ Martin
Our Austerity measures don't amount to as much as you imagine. What they do do is induce economic confidence and hence reduce our cost of borrowing. By keeping interest payments down this saves vastly more money than the austerity measures themselves.
What they do is screw the economy and prevent growth. You can't cut your way to prosperity by being economically stagnant, as the results of this have sadly shown over the last decade. The idea that real-world consumers who are terrified of losing their jobs in the midst of a policy-induced recession will somehow become "economically confident" and so spend money and lift the economy out of recession is nonsense. See e.g. Mark Blyth, Professor of Political Economics at Brown University, https://www.youtube.com/watch?v=go2bVGi0ReE