No, only the rate of spending has been cut. Outgoings still exceed income. However our deficit is shrinking faster than any other developed nation: http://www.

No, only the rate of spending has been cut. Outgoings still exceed income. However our deficit is shrinking faster than any other developed nation: http://www.telegraph.co.uk/finance/economics/10367430/IMF-Britains-deficit-to-shrink-at-fastest-rate-in-developed-world-in-2013.html http://www.telegraph.co.uk/finance/economics/10367430/IMF-Br... The impact on social mobility and the rich/poor divide has been completely ignored. What's the point of growth if it doesn't benefit everybody?