Britains Debt Mountain Reaches L1.39 TRILLION (Pounds), Equivalent To 90% of The Entire Economy, ONS RevealsSubmitted by emalvini on Thu, 04/04/2013 - 09:39
Britains Debt Mountain Reaches L1.39 TRILLION (Pounds), Equivalent To 90% of The Entire Economy, ONS Reveals
*Gross debt at the end of 2012 stood at £1.387trillion, up 7% on 2011
*Vast sum is equivalent to 90% of GDP - up from38% a decade ago
*Figures used to compare UK to the rest of Europe
*Mounting debts reveal the devastating impact of the 2007 crash
By Matt Chorley, Mailonline Political Editor
PUBLISHED: 06:40 EST, 3 April 2013 | UPDATED: 06:51 EST, 3 April 2013
Britain’s debt mountain has topped £1.387trillion, and is now the equivalent of 90 per cent of the entire economy.
The grim milestone was passed at the end of 2012, new figures from the Office for National Statistics revealed today.
It lays bare the dire state of the nation’s finances in the wake of the 2007 financial crash, which has seen government debt double in just five years.