UK public spending was 36.6% of gdp in 2000, and had edged up over 50% by 2009 and 2010 and now is still in the range of 49% or so. Most of the run-up came over the bubbly years of 2000-2006. Let’s start by calling that an unsustainable mistake. I would say that, looking back, they didn’t get very much for this spending boost, did they? That’s fact #1 that should start off any analysis of British fiscal policy looking forward.