So coalition leaders have used the absurd claim that the country is on the brink of bankruptcy to force through an array of sweeping changes, any one of which would normally be the focus of a prolonged political battle. It is a kind of political coup, and the result has been policymaking chaos, with a 16% cut in the BBC's budget imposed in the middle of the night and a Ministry of Defence deal that promises aircraft carriers without any actual planes.
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It is women, families and the sick who, it turns out, will be picking up the bill for the bank-triggered meltdown, along with low-income teenagers and public sector workers in their millions – while Cameron and Osborne are hoping local councils will take the blame for their 30% cut, universities for the 40% bite taken out of higher education funding and local operators for the 20% cut in bus subsidies.
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In reality, the ballooning of Britain's budget deficit mirrors the average deficit rise across the 33 most developed countries, from 1% of GDP in 2007 to 9% in 2009, as tax receipts slumped and dole payments mushroomed in the wake of the 2008 crisis.

(Seumas Milne)

Allez, France!