You can look at history through the lens of a political manifesto or consider the economic lessons learnt from governments of all hues. I posted a link from the Royal Economic Society that you didn't even bother to read by your own admission.

So, party political broadcast or discussion on the merits of austerity. Which is it to be?

No not at all. The IMF disagrees with this as pointed out twice. Just because it is a nice idea to reduce debt doesn't mean that it is the *best* strategy.

The creation of money itself is dependent on loans being issued by banks. Government spending is, ergo, to a great degree dependent on this too. In fact all governments depend on this. So long as the debt is serviceable, which it is, then that is ok.

BTW, the last 2 great credit crises of the last hundred years were both *caused* by banks. Due to the above, this is bad for everyone.