If, as all evidence is showing us, the increasingly inter-connected, inter-dependent global economy is going through a second phase of post-2008 corrections, what will the new ‘normal' look like for the nation's public finances?

Could this usher a final reversal of the long-cherished progressive ideal that survived two world wars, one great depression and innumerable crises, of politicians competing to deliver more, better and responsive services for the benefit of a greater number of people throughout their lives.