It goes back further than that to the very start of the Cameron government.
Coming out of the financial crisis in 2008/9 interest rates were at record lows making credit incredibly cheap, the were huge numbers of people either unemployed or underemployed, making labour cheap as well. It was the perfect time to pursue a spend and grow strategy, growing the economy to recover from the financial crash and could have to a boom in the UK economy that would have allowed us to ride out Covid and war in Ukraine far better than we have.
Instead Cameron chose Austerity, an economic policy that has consistently failed whenever it has been tried. Presumably there was money to be made by Tory donors by running down public services and selling off the profitable bits at knock down rates.
Anyway, austerity failed and people got upset that their lives were getting worse and rather than changing direction, Cameron's government continued on regardless. This allows the far right to peddle their usual evil, it's not government policy that's making you poor and stopping you getting doctor's appointments, it's all those immigrants, depressing wages and using up public services. This led to the rise of UKIP and Cameron offering the Brexit referendum as a way to avoid losing right wing voters.
That's what led us to where we are today, a government trying to save when credit was cheap and then last month pivoting to trying to borrow when credit is far more expensive. The opposite of economics 101.
This was all avoidable 12 years ago, but the Tories will always place personal gain ahead of the financial well being of the country, and will always put the wellbeing of the Tory party ahead of the wellbeing of the UK. Which is why we are stuck with these incompetents for another 2 years, they will never put the wellbeing of the country ahead of clinging on to power.