You need to go back further. The cuts were needed due to the massive spending from 2000 onwards, when Blair and Brown started bribing no-hopers to vote for them using money we didn't have.
The tories attempted to make some much needed cuts but chickened out just as they got going. They were on the right path, but the commie BBC and others demanded more of the borrow-to-spend nonsense we'd got used to.
If public spending was cut massively tomorrow then the UK would instantly become solvent, we're almost insolvent at the moment so are paying punishing bond yields. As soon as the markets sense that we have a competent government then the amount paid in interest by the government on its debt will fall instantly, just based on the same sentiment that is currently charging us punishing amounts due to the incompetence of our current leaders.
Make cuts, save on interest, then start cautiously spending some of those savings on public services. Don't just spew money on crap then complain when there's none left and the world markets won't lend you any more.