Perhaps, they have got it wrong from the start. The real problem was the overborrowing in the housing sector and British banks buying American debt to inflate their balance sheets. The influence of lower American moral standards on British banking are quite noticeable? Just a slightly different strain contributing to an unhealthy mix.
http://www.guardian.co.uk/politics/2012/aug/21/economy-government-borrowing?CMP=EMCNEWEML1355
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