They are press ganging people into working for free for Poundland... Thatcher lived long enough to see a government worse than hers.
Low interest rates are not set by bond vigilantes on the secondary market, they are set by the Bank of England, and they are so low because of the depressionary conditions, they must make interest rates as stimulatory as possible. This is the worst propaganda helped by the fact that Euro states are at the mercy of the secondary market so this helps with the confusion. We had the same nonsense in Canada; the Bank of Canada stopped the experimental and depressionary high interest rates when on the fiscal side large cuts were made, thus trading one form of de-stimulation for another, the government crowed about how the bond vigilantes were rewarding Canada for being so nasty. No, the Bank chose to lower the rates to compensate for the cuts. No vigilantes forced Canada's hand, just as no vigilantes are rewarding Britain for being so nasty to its people.
