"...Britain has already crashed over its own economic precipice, with the Conservative-led government unleashing a radical experiment in austerity since coming to power in 2010 that has seen public spending corralled and taxes increased on this side of the Atlantic.

Two-and-a-half years into Britain’s budget-cutting plan, the world’s seventh-largest economy has just emerged from a double-dip recession with economists warning that a third downturn could be on the way this winter. One of the biggest culprits in a nation gripped by the psychology of austere times: feeble consumer spending that has slammed British “High streets” — think American Main streets — and dragged on the national economy."

http://m.washingtonpost.com/world/fiscal-cliff-britain-has-already-jumped/2012/12/16/fd405b78-398f-11e2-9258-ac7c78d5c680_story.html