(American here - I have a basic grasp of the events, but I don't know the entire picture)

Was there a less painful way to do it? From what I've read, Britain was in some really serious trouble. I wouldn't say that they were at Greece's level of stagnation and financial trouble, but they were definitely hurting. People were going to get hurt regardless of what policy was implemented, and I think it was better to get it all done in one harsh, nasty blow than to slowly cut away the problems and create decades of uncertainty.