sally037
Some research has shown that the austerity policies have left the economy much smaller than it could have been
I see that the same think-tank in your link (the NEF) published similar research on the EU here:
Austerity policies in the European Union (EU) since 2009 have contributed to making citizens €3000 a year worse-off, according to research from the New Economics Foundation (NEF) and Finance Watch...
After the 2008 financial crisis, the EU introduced stricter fiscal rules that define limits to government borrowing and spending, in an attempt to reduce the levels of government debt. This included a reinforcement of the rules to bring government deficits under 3% of GDP and debt-to-GDP levels under 60%. EU member states attempted to follow these rules through cuts to public spending and cancelling planned public investment.
https://neweconomics.org/2022/11/austerity-policies-have-made-european-citizens-3000-a-year-worse-off