UK warned of debt spiral
(Daily Telegraph): Britain is at growing risk of a "public debt spiral" unless the Government takes "drastic" action to cut the deficit, according to the Organisation for Economic Co-operation and Development (OECD). Even if Britain reduces its deficit in line with other leading nations, it will still have the rich world’s biggest deficit from now until 2017 and potentially beyond, casting serious doubt on its economic credibility, the OECD has said. The warning coincided with shock public finance statistics showing that public borrowing in October was 88 times what it was in the same month last year, making it likely that the Chancellor will miss his £175bn borrowing forecast this year.
Category: Business
