Is almost the right metaphor. Ireland, the model country, the example of how to slash and burn your way out of recession is now... still in recession, and struggling to pay its debt (bonds running at a punishing total of 8.1%). The Irish state is running to various international institutions (although denying it). But, advocates of neoliberal globalisation take note, under terms of a prior agreement, the British state could be liable to hand over £8 billion; another load strapped to the back of working people.
The British economy (and society) is plowing headlong to an Irish fate. But remember, we are not all in it together. The rich have prospered beyond their wildest dreams during this recession (this is their vanity rag admitting such). We do have to apply the brakes, but never forget the rich aren't on the train.