I absolutely cannot condone any form of strike action by the police, it would lead to mayhem.
I suspect that the police know this and they have little real desire to go on strike, the fact that they are even considering this course of action shows just how badly relations between the police and the Home Secretary have become.
Just like the military, the police have seen more militant public servants getting huge increases in funding while they have been asked to do more and more with less and less. The explosion in street crime, increased terrorism threat, etc. have not been matched with increased funding. The police, like the army, are getting fed up.
Personally I feel that this is more damaging that Northern Rock (but not as damaging as the whole dodgy donor scandal).