Wednesday, 19 August 2009

QE - more, more more!

UK debt rises to £799 billion or £13,000 per person

If you were hoping that Britain’s financial situation was getting better, you’re about to be sorely disappointed. Official figures have shown that UK debt has now reached a record £798.8 billion – equivalent to 56.6% of gross domestic product (GDP).

David Kern, Chief Economist at the British Chambers of Commerce (BCC) said“Although slightly smaller than feared, these figures confirm the grim state of our public finances"

“We believe that the risks of a relapse in economic activity are still serious,” he said. “With bank lending remaining weak and unemployment continuing to rise, there is still an urgent need to reinforce the stimulus. We urge the MPC to increase the QE programme at its next meeting"

He got his wish - Merv even wanted more!

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