I guess you are talking about government borrowing. I don’t think even the Tories deny that under austerity the gap between rich and poor has widened. People are borrowing because we have created a high employment low wage economy, and everyone is encouraged to buy stuff all the time, because this is ‘growth’. Austerity might have contributed to personal debt levels, but the fundamental issue is the behaviour of the financial sector and the ease of getting credit, plus our relaxed national attitude to personal debt (which horrifies my German, Italian and Japanese friends). It’s a house of cards, small changes in circumstances (let’s say in April next year) will send the whole thing crashing again, and the government will need to decide whether to do the same again - bail out the financiers and ladle on the austerity, or try something different.
This is not a party political point, Labour went for the bailout and limited austerity, Cameron/Osbourne exaggerated it. Next time might be a bit different, more UK focussed rather than global.
When it happens, as it inevitably will, and Vince Cable claims that he predicted it but didn’t tell anyone, you can say ‘**** off Vince, Stan was way ahead’. Good time to invest in debt collecting/ bailiff firms.