Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Woh there. We're talking doom here, no good things:
"What does that actually mean?
Well, it’s so bad, it’s actually quite hard to take in. The Treasury already expects Britain’s budget deficit to climb to 9% of GDP next year – the highest of any major country – with overall national debt topping £1.1 trillion by 2014. To put that into context, it’s 70% of the total amount we produce as a nation each year – the highest level seen outside wartime.
And remember those are the official forecasts – so it could easily turn out to be much worse. And the eventual shortfall will have to be made up somehow. "