In the aftermath of the financial crisis, the UK government was criticized for engaging in austerity and not borrowing more. Click here and here to read a couple of op-ed pieces by Kenneth Rogoff which argue that the UK government did the right thing by not borrowing more. The UK is a heavily-indebted nation both in terms of it actual debts and its off-balance-sheet debts i.e., the liabilities of the UK banks for which it is responsible and its pension liabilities. Rogoff also argues that the UK's credit status and history is not as rosy as some would suggest.
