Vincent Boland: A new decade of austerity is looming and we are woefully unprepared for it

Globalisation is in retreat, the tech revolution is slowing down and public debt is rising

As consumer confidence drops, is the so-called ‘free money’ era coming to an end? Picture: Fergal Phillips

This time last year, there was excited talk about how the world – or the rich world, at any rate – was about to experience a latter-day Roaring Twenties to equal, and perhaps exceed, the decade a century ago that gave birth to the modern world.

There were good grounds for such wishful thinking. The world was beginning to turn the corner on the Covid-19 pandemic, as vaccines became available and as societies began to ...