A fair bit was spent because one of the reasons for cladding was for the surrounding neighborhoods (two conservation areas mainly) having a better view, its all in the planning documents on RBKC council site.
so if they were able to spend several million then it doesn't seem like 'austerity' is necessarily to blame here... there was money available but the question is whether it was spent wisely, who decided that this particular type of cladding should be used rather than the more fire resistant sort etc.. i.e. what we'll learn from an inquiry/investigation
of course that doesn't stop people form wanting to turn it into some sort of political point scoring exercise