What is austerity and where could ‘eye-watering’ cuts fall now?

During the austerity years, teachers’ pay was subject to freezes and caps. In response to the cost-of-living crisis, the government has promised a 5% pay rise for experienced teachers. But, even factoring this in, the IFS estimates that the value of their pay – after adjusting for rising prices – will have fallen by 14% between 2010 and 2023.