Thatcher's standard response for years was to blame the previous government so nothing new there.
Something Labour would never do.
Warning signs from history shows that austerity measures make things worse not better.
Really, you have a strange view of history.
Our biggest austerity time ever was during WW2 but once it was over there were boom years.
Austerity through the seventies, (as the BBC2 show is showing) followed my Thatcher making 3million unemployed etc, lead to a massive growth and economic boom in the late 80s.
That growth was so good that Brown spent many years telling us he had got rid of boom and bust, then went on to nearly bankrupt the country!
Furthermore, I would say what austerity. A recent report showed that only about 30% of the planned cuts in spending have actually happened. All the talk when the coalition came to power was just that, talk. Cameron hasn't got the balls to do anything that creates a bad headline so he constantly backs down or changes his plans, meaning the Government is now spending more than it did when it came to power....what cuts! (there was meant to be a "bonfire of the quangos", we now have more quangos)
If he had been a much stronger leader he would have cut a lot more much earlier, which in the long term would mean they would be in a much better position to cut taxes. The single biggest thing he could do to help the economy in my view, would be to slash petrol duty, helping individuals and business alike, but they can't afford to because public spending is still way too high. He could also have taken a much stronger stand against the EU / Euro instead of constantly handing over more and more of our money to failed economies....which everyone knows will collapse in the long run...so why drag it out.
As Pete has said recently, the biggest issue we have in this country is confidence. The public have been force fed constant bad news for the past few years, which doom mongers of Labour encourage, rarely mentioning the good things that happen and that lack of confidence holds everything back.
Cameron could have been much braver and decisive in the past couple of years meaning that by now the medicine would be starting to work, and we could be more positive about the future....but instead everything just creeps on and on without any real change because no one has the balls to be bold.
I only think there will be real change in this country when people on the continent raise up against the EU / Euro leading to their collapse and our politicians will be forced to react.