At a lecture last night in London, the American Nobel Prize-winning economist Paul Krugman gave a withering attack on the British government for its austerity policy.

Speaking to the Today programme this morning, Paul Krugman said the economy is "failing dismally yet the government is insisting it will not change course", something he believes comes down to the "vanity of politicians".

Pursuing austerity is "a deeply destructive policy" in a time of economic depression, he told Evan Davis.

It is a time where cuts "are simply not good sense" he believes, but admits that with a stronger economy he would "turn into a fiscal hawk".

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