Laban thinks - along with the rest of the sentient world - that they're inevitable no matter who gets in. Cast your minds back to the last Labour government to hit a really big, global crisis - the 1929-31 MacDonald administration. When the crisis hit then, the options, not mutually exclusive, were
a) come off gold standard. Today’s equivalent - letting the currency fall. This is happening now - but so much manufacturing has been destroyed - more than under Thatcher - that it’s having little effect on our balance of payments. So that weapon is blunted.
b) cut Govt spending. This broke Labour in half and led (via a run on the pound) to the National Government, which did make cuts. No party at the time considered printing money, which is how the current deficits are being funded. Whoever gets in will have to make cuts - the only question is whether we’ll need a sterling collapse/gilts strike to force them (Labour win or perhaps a hung Parliament) or whether they’ll be done straight off (Tory win).
c) introduce tariffs. Not many people know this, but the UK actually weathered the depression relatively well compared to the US. Tariffs plus ‘Imperial Preference’ did a pretty good job, considering. But it’s most unlikely we’ll do tariffs - we’re in the EU so we can’t, Labour are just as 'free' market as the Tories - and anyway, no Empire, and no ’sterling currency area’.
So we did all 3 in the 30s - and while it was bad, it could have been worse.
But now ? Cuts are the only option. We have no other choices bar the Weimar/Zimbabwe route.
Be great if it were otherwise and we could trade our way out of recession, selling our world-class machine tools to China and our hi-tech medical diagnostic equipment worldwide. (Joke).
But we don’t make things any more to trade with* !
* of course that's not strictly true. Exports are rising - it's just that imports are rising faster. But what manufacturing we do have is now mostly foreign-owned. See what happened to the steelworks at Teeside last week to realise what that means when times are tough. Indeed apart from Rolls Royce, the only hi-tech major industries that ain't been flogged yet are some of the defence industries - which are likely to be hit by government cuts. Personally I'd sack all the social workers and probation officers before cutting a single hi-tech job - they can retrain as prison officers for the massive expansion. I can dream...