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Professor Anastasia NesvetaIilova, a member of the economic advisory team set up by the Labour leader Jeremy Corbyn, has predicted 'major recession' if austerity is fully implemented.

She told 5 live's Wake up to Money: "We'll go into a financial crisis...compared to which the 2007 crisis will be a walk in the park. (It will be) a major recession... a banking crisis with a threat to the payments system where you and I can't take cash out of the ATM machines, where nobody wants to invest."

This clip was broadcast on Wake up to Money on Thursday 19th November 2015