Bank of England governor blames spending cuts on bank bailouts | Business | The Guardian Not according to most on here - but I think I'll take the word of the Governor of the Bank of England instead. Labour overspent - absolutely and I do not wish to revisit that old ground. But King is absolutely on the nail when he says that the cost of these cuts is being borne by those who absolutely did not cause it. In this I include small businesses and the "squeezed" middle class too. The Banks caused this and are skipping off into the sunset with pots of our cash, all with the connivance of the Tories - and Indeed the previous Labour administration who failed to enforce swingeing regulation when the banks were in their knees. The Barnsley by election was a taster. The March in London on the 26th will be another. The people outside the Westminster bubble ARE angry and are intelligent enough to see through all the spin and bluster. Interesting times indeed.