Britain’s credit rating was downgraded from aaa to aa1 by Moody’s Investor Services, February 22, humiliating the government, which was proud of its perfect rating.

The ratings cut has had little effect on the economy. Many expected it. The pound dropped to its weakest against the euro for 16 months, but only because it was already low. The ftse 100 share index is close to its highest level in five years.

But the ratings cut sounds an important warning about Britain’s debt. Moody’s main reason for cutting the rating was “the continuing weakness in the UK’s medium-term growth outlook.” But the other causes it cited all revolve around the government’s ability to get the debt under control.

Moody’s said that the aa1 rating was “stable,” but only because of its expectation that “a combination of political will” and some economic strength will enable Britain to get its debt under control.

Does Britain have the “political will” to fix the problem?

The left in Britain constantly accuses the government of cutting “too far and too fast”—despite the fact that Britain’s debt is rocketing up. And even the right is looking shaky.

Tim Montgomerie, editor of ConservativeHome, used his column in the Times to point out that so far, the government has cut £48 billion from national spending. “To deliver a balanced budget, another £75 billion of cuts will be required,” he wrote. “And let’s be clear, the cuts are going to get harder. A lot harder.”

As he points out, Conservatives are mostly united in the belief that cuts need to be made. But as soon as a specific cut is proposed, special interest groups pop up and complain. “Nearly all of our political class lacks the determination to pay off Britain’s debts,” writes Montgomerie.

Cutting is hard. Those that are losing the money squeal loudly. It takes vision, determination and leadership to make it happen. It takes a leader with character.

This is the real crisis in Britain and America. In America, the left is in power. In Britain it’s the right. But both lack the strength of character necessary to fix the economy. Britain’s leaders are simply pretending the problem isn’t there. They boast about how they’re “paying down Britain’s debts,” while the debt grows by half a billion pounds a day.

Most in Britain believe the government is cutting the debt. There is no political will to tell the truth about the problem, let alone fix it. If anything, Moody’s is wildly optimistic.