United Kingdom debt hits a record high
http://news.bbc.co.uk/1/hi/business/8160614.stm
http://newsimg.bbc.co.uk/media/image...rowing_226.gif
Quote:
Total outstanding government debt in the UK has risen to a record £799bn, or 56.6% of UK GDP - the highest since records began in 1974.
New borrowing in June was £13bn, almost twice as much as a year ago, the Office for National Statistics said, after the downturn shrank tax receipts. The figures also reflect the cost of bank bail-outs and higher spending on social security benefits. One economist described the state of the public finances as "dire".
Meanwhile, a National Audit Office (NAO) report said that tax receipts fell by 10% in the past year - the biggest fall since 1923.
A round of applause for Gordon Brown and Labour.
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