Loathing austerity is now the phrase ‘de jour' of the main political parties as if they had nothing to do with it. With an election looming they are showering cash on voters.

The Spending Round earlier this month promised ‘the fastest planned increase in day-to-day departmental spending in 15 years,' with a 4.1% rise above inflation next year amounting to a £13.8bn boost in real terms. There was money for schools, health, social care, police, prisons, even buses, but somehow all within the Government's fiscal rules though the fiscal framework will be reviewed before the Budget in late autumn. Chancellor Sajid Javid said he was ‘turning the page on austerity.'