The higher a government's debt, the more it must please its bankers. And, we must note, Wall street made a fortune on the debt, directly and indirectly. Under existing circumstances, devolution is intended as a further blow to the eroding democratic processes. Major corporations, investment firms, and the like, can constrain or directly control the acts of national governments and can set one national workforce against another. But the game is much easier when the only competing player that might remotely be influenced by the 'great beast' is a state government, and even middle-sized enterprise can join in.
Economic blackmail is a very useful weapon in deterring freedom.
By capital flight, business can ensure that any government which becomes too independent and starts to consider the interests of those who elected it will be put back into its place. Therefore we cannot expect a different group of politicians to react in different ways to the same institutional influences and interests. By December, the FT index had fallen to 150 points. The drop in the pound is extremely surprising in view of the unanimous opinion of bankers, politicians and officials that the currency is undervalued. Capital will not invest in a country that does not meet its approval.