Now that the Greek debt crisis has been "fixed" by a gigantic pile of more debt, many are wondering which European nation will be next to experience a massive debt crisis. Increasingly, all eyes are turning to the U.K. and their public debt that is spiralling out of control.
The U.K. government's deficit is projected to be approximately 13 percent of GDP in 2010, which is even worse than Greece's 12.5 percent figure. Right now the public debt of the U.K. is "only" at 68 percent of GDP, but three years ago it was sitting at about 40 percent, so as you can see the national debt of the U.K. is absolutely exploding in size.
In fact, it is now being projected that the public debt of the U.K. will exceed 100 percent of GDP within the next three years. Considering the fact that citizens of the U.K. are some of the most highly taxed people in the world already, there just is not much room for raising more revenue. Full article at: UK Public Debt
Around 1820 it reached above 250% before coming down and reaching above 250% again around 1950. So what? I'm not brushing off the situation, but speculation requires "in debt" (haha my lame pun) coverage of what the government plans to do about it. You can't just sit back, look at the bad report card, and speculate 20 years into the future. I kept hearing about things like reviving the manufacturing sector in a model similar to Germany and Cameron's realistic goals about public welfare. But you need to be a uk political economist to really speculate about his and not an armchair analyst (like myself).
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