Only a few sane voices warned that this would be a Very Bad Thing. but like Cassandra, though they saw clearly, they were doomed to be ignored.
This is a monumental fuck up. At this stage, jobs are more important than balancing the budget. That can be done later. It's all based on the monumental lie that the government had to act now, to reassure the markets. Utter bullshit, as bond prices had not wavered. It was a phantom danger, played upon to justify what was a once in a century opportunity to decimate (actually, at almost 20%, doubly decimate) the public service - and blame Labour.
1 - "Spending review axe falls on the poor," by Patrick Wintour and Larry Elliot. Published in The Gaurdian, 20th of October, 2010. (http://www.guardian.co.uk/politics/2010/oct/20/spending-cuts-george-osborne-axe)