UK debt reaches $1.3 trillion

Britain gripped by debt equivalent to 56.6 per cent of the country's GDP.

    Mervyn King recently said the government's borrowing levels were 'extraordinary' [EPA]

    'Extraordinary borrowing'

    Alan Clarke, UK economist at BNP Paribas, a French bank, said: "It wasn't a terrible number on the day ... but it doesn't change the bigger picture that public sector finances are in bad shape."

    In the April to June period, public sector net borrowing stood at $68bn, nearly double the level in the same period a year ago.

    Alistair Darling, Britain's finance minister, has forecast borrowing for the full year of $288bn, a record post-war high - but several economists say $312bn is more likely.

    Mervyn King, the governor of Britain's central bank, recently said the government's borrowing levels were "extraordinary".

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    From Zimbabwe to England: A story of war, home and identity

    The country I saw as home, my parents saw as oppressors

    What happens when you reject the identity your parents fought for and embrace that of those they fought against?

    Becoming Ocean: When you and the world are drowning

    Becoming Ocean: When you and the world are drowning

    One woman shares the story of her life with polycystic kidney disease and sees parallels with the plight of the planet.

    The evening death came for me: My journey with PTSD

    The evening death came for me: My journey with PTSD

    On a gorgeous Florida evening, a truck crashed into me. As I lay in intensive care, I learned who had been driving it.