I don’t think they’ll turn to austerity again, since it didn’t work last time. I expect (hope) they’ll look to managed inflation — raise minimum wages and offer incentives to spend. Set the inflation target at 6–8% rather than 2–3%. Inflation will erode the debt far quicker than austerity can (when there’s just nothing left to cut), and be a far more humane vote-winner than further cruel punishment.