current state of the british economyof the british economy

How big is Britain's debt problem?

The UK had one of the worst budget deficit's in the EU in the last fiscal year, at more than 10% of GDP. It was second only to Ireland (-32.4%) and Greece (-10.5%). Basically that means the British government spent more than it earned - to the tune of £146bn, according to the OBR.

Britain owed £944bn in August, up from £810.5bn a year earlier, according to the ONS. It is likely to hit £1 trillion in 2012-13, given that economists forecast a need to borrow more than £120bn in the 2011/12 financial year. 

Read more: http://www.thisismoney.co.uk/money/news/article-1616085/Economy-watch-What-Britain.html#ixzz1dEyrCZnY