I was talking to someone who knows some of the Whitehall mandarins and he was saying that bond ratings are the primary reason for austerity policies in the UK.

I was talking to someone who knows some of the Whitehall mandarins and he was saying that bond ratings are the primary reason for austerity policies in the UK. Although we aren't actually spending less money, due to the continuing injection of capital into banking, as long as we are throwing the money upwards then our bonds are worth more.