In a move that is sure to anger terrorist and economists alike, the recession has officially replaced the War on Terror as the government's designated scapegoat.
The switch means that the government will now use the recession as its excuse for restricting civil liberties, deporting immigrants and invading foreign countries.
According to Downing Street sources, the War on Terror was becoming too restrictive in what it was allowing the government to do.
The source said: "The War on Terror was useful but only really let us deport Muslims or Irish people and invade Islamic countries. It was very New Labour.
"With the new official scapegoat, we can jail anybody we want without trial by linking them to the banking sector.
"And we also have the option to invade a number of European countries who don't agree with George Osborne's economic plans."
A spokesman from the Way of the Sword terror group said terrorists were not going to take this sitting down.
"We're bloody cheesed off by this," he said from his group's base in Libya. "It's taken countless terrorists years to ensure the War on Terror had official scapegoat status.
"Do you know how many recruits we got after the Met introduced its stop and search procedures? Now all these potential bombers are going to go out and become bankers.
"It's a disgrace and we're already planning a letter-writing campaign to express our upset at Downing Street."