Over overspending...

"The true extent of Britain's debt" is a matter of debate, Gordon Brown had been saying 37% of GDP, the ONS has it at 43% of GDP; however, including PFI, bank bail-out and public sector pensions it gets up to almost 140%...but it doesn't stop there:

"The reason Britain is in so much trouble is that our corporate and household debts are huge. It is the combination that makes us such a credit liability."... "the UK economy and financial system highly vulnerable when, as now, global banking and capital flows dries up."

"Here is the picture narrowed down to short- term debt (ie, due by next Christmas)" see graph below, full story HERE from Nelson Fraser at The Spectator.

G7 Countries - rations of short-term external debt/GDP, 2003Q2 - 2008 Q2

There are more gob-smacking numbers over at BOM (Burning Our Money) where they estimate - on the back of a fag packet :-) - that by 2013/14 it will be costing 100 BILLION pounds per year just to service the debts. Or if you want it really scary then BOM can provide for you...and this was 2.5 years ago! [Link]

These numbers should be on the front pages of every newspaper in the country and on the news channels and programmes of every TV station...well I can't imagine the BBC complying but the others should.