UK debt no worse than other countries
Britain’s debt problem is on a par with that being faced by many other countries, an economic expert has claimed.
David Kern, economic adviser to the British Chamber of Commerce, said that while the UK’s deficit might be worse than other nations, its actual level of debt is far smaller.
“Although the deficit is bigger, we can afford to have a bigger deficit because we start from a lower level of debt,” he said.
Kern added that the UK’s position is not particularly bad compared to other European countries.
“My view is that [there] are problems but I wouldn’t have thought that they are more serious in the UK than in the Eurozone,” he said.
“They are problems which face many countries, every major country has a deficit problem and the fact that because of the recession, the deficit has ballooned enormously,” he added.
Kern made the comments following remarks from the European Commission that the UK could face financial difficulties because of government debt and age-related expenditure.