Numerous British economists had warned against the deep budget cutting, arguing that the government was heading down a dangerous path with potentially severe consequences.
Ferrari's Felipe Massa lost control on a couple of occasions and ended up deep in the gravel at Turn Nine, before cutting along the grass to rejoin the action.
England had shown a fighting spirit throughout but when they established a couple of good attacking positions deep in the All Blacks' half they lacked the cutting edge required to open up the visitors' solid defence.
The BBC is already cutting its workforce and output after Cameron's government imposed deep spending cuts and any loss of public trust could prove an issue in future discussions over funding and the licence fee.