Research consultancy Capital Economics expects the government to live with debt for some time rather than returning to austerity.

In an article written by Ruth Gregory, senior UK economist at Capital Economics, she said the attitude of the public is far different to following the global financial crisis, the government’s attitude has changed since the George Osborne/David Cameron years, while there is a greater acceptance and confidence in the ability of the government to hold high levels of debt.

Gregory wrote: “Overall, in the coming years there is probably neither the political will nor an urgent need for the government to tighten its belt as much as it did after the global financial crisis.

“Instead, the debt ratio may be worked down over a period

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