Lord Stern: UK Austerity a No-Growth Proposition

Lord Nicholas Stern of the London School of Economics didn't equivocate about his feelings on austerity in the United Kingdom when he spoke with CNBC on Thursday: It has not worked.

British Pound
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British Pound

Turning to austerity as a new model for economic recovery was and is unnecessary, Stern said.

"The UK doesn't need a plan B. It just needs to fix Plan A," the IG Patel professor of economics and government said from Davos.

Austerity has not and will not lead to growth, Stern said, joining an increasingly vocal contingent of economists, both at Davos this week and elsewhere, who have sided against spending cuts as a strategy toward economic recovery.