You've seen this act before, beginning in 1976. Your government services were cut to less than bare bones because politicians thought your country was "broke". It even took on foreign debt in a currency it didn't create (a big no-no for any country with a sovereign currency), the US dollar via the IMF.

Thatcher rode into office by claiming that "There is no public money, only taxpayer money", which is exactly the opposite of reality for a fiat economy that creates its currency on demand. She was your version of Ronald RayGun and the two worked simultaneously to take down their respective economies and the middle class of their countries.

Once this grand lie is promoted by enough "experts" and the media long enough the average voter/guy in the street begins to believe that their government can become insolvent. Then it is a cakewalk for conservative politicians who peddle austerity to gain control and shovel public funds to the elite donor class (with lots of it coming back to them).