LONDON – Tens of thousands of demonstrators descended on the British capital Saturday in a noisy but peaceful protest at a government austerity drive aimed at slashing the nation’s debt.

Unions, anti-war campaigners, left-wing leaders, community groups and other activists poured down London’s streets in a demonstration against reductions to public sector spending which officials are pushing through in order to rein in Britain’s debt, which stands at more than $1.7 trillion.

Although the austerity program has had some modest successes, the U.K. economy has shrunk for three consecutive quarters amid cuts at home and economic turmoil on the continent.

Brendan Barber, whose Trades Union Congress helped organize the march, said the message of Saturday’s protest was that “austerity is simply failing.”

“The government is making life desperately hard for millions of people because of pay cuts for workers, while the rich are given tax cuts,” he said.

Britain borrowed 13 billion pounds in September alone, and with other European countries struggling to make good on their debt, there is a general consensus that the U.K. budget needs to be rebalanced.

But the right-leaning government did little to endear itself with ordinary Britons when it reduced income taxes for the country’s wealthiest citizens earlier this year. And its leadership has struggled to fight perceptions of elitism which rankle many in this class-conscious country.

On Friday, the Conservative Party’s chief whip stepped down after a dispute over whether he’d described officers guarding the prime minister’s official residence at Downing Street as “plebs” or warned them to “learn your (expletive) place.”

News of Andrew Mitchell’s resignation broke just as word was getting around that Treasury Chief George Osborne had been spotted sitting in a first class train carriage with a second class ticket. Osborne paid for an upgrade, but the story’s humor was irresistible. Newspapers lavished coverage on what many nicknamed “The Great Train Snobbery,” and Osborne’s misadventure was a popular talking point at the rally, which marched through the city beneath red and purple balloons emblazoned with union logos.

Even opposition Labour Party leader Ed Miliband, known for his close ties with unions, was booed when he told protesters gathered in London’s Hyde Park that some cuts would have to be made one way or the other.

“It’s right that we level with people,” he argued. The cheers returned after he criticized what he described as “self-defeating austerity.”

After the rally, a splinter group of demonstrators ran through the streets of London with officers in tow. There were disruptions along London’s busy Oxford Street shopping area throughout the day, but no property damage was reported.

Official crowd estimates were not immediately available, although journalists at the scene said the protesters were tens of thousands strong. Organizers said that more than 250 buses were booked to bring people to London.