Given that the government was spending 20% more than it was raising in tax....and therefore borrowing 20% of its expenditure.....like your pay for example, something had to give. It still borrows about £5bn a month to fund its spending or £150 per tax payer. I think you can assume that there's more 'pain' to come. Be thankful you don't live in Greece, where your pay would have fallen by a third in relative terms over the last 5 years.