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Friday, 20 January 2012

Britain's debt habit dies hard: UK total borrowing stands at more than 500% of national income

Britain has the highest level of debt among the major economies bar Japan, research has found.

Over the past three years combine public and private sector borrowing has risen to more than 500 per cent of national output.

The alarming rise since the height of the financial crisis has been fuelled by debt in the financial sector as people seek to borrow their way out of the economic slump, according to consultancy McKinsey.
Even at current trends it will take until 2020 for the UK to return to pre-2003 debt levels.... more:


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