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Well, this is the key point with "austerity" is that it is kind of a myth. The fact government borrowing hasn't gone down despite the fact they have said austerity and cuts are related to "getting the debt down" - Austerity politics is a myth about spending and lowering it

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it is all about justifying making cuts to things like the welfare state, further privatisation, moving the budget from those things to spending it on others. Every PM since Cameron has come into office, and been like "We need to make tough decisions" usually before announcing spending cuts

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"Austerity" also while cutting welfare, also came with tax cuts for the wealthiest in society.