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News Tag: public debt

June 30, 2010

France’s public debt soars to 80% of GDP

by Kay Mitchell
France’s public debt soars to 80% of GDP
Further concerns for euro zone debt was raised today after the national statistics bureau INSEE said France’s public debt rose to 80.3% of national output in the first quarter of the year. EU rules state that debt should not exceed 60% of GDP. According to INSEE, at the end of March, French gross public debt (GDP) totalled €1,535.5 billion ...

February 19, 2010

Senior economists support delay in spending cuts

by Kay Mitchell
Despite calls from leading business groups to take urgent action with regard to spending cuts, Chancellor Alistair Darling, has received support to delay cuts until 2011. According to David Kern at the British Chambers of Commerce, the UK’s credit rating is being put at risk by the Government’s failure to act more quickly. However, over 60 senior economists have signed two open ...

December 18, 2009

UK’s public sector borrowing continues to soar

by Kay Mitchell
The Office for National Statistics (ONS) has today revealed that the UK’s public sector net borrowing hit a record high of £20.3 billion in November. While the figure was less than the £23 billion analysts had expected, it was still the highest for any month since the ONS began gathering data over 16 years ago. Overall debt now stands at £844.5 ...

Bank of Japan keeps interest rates on hold to fight deflation

by Kay Mitchell
The Bank of Japan has again elected to keep interest rates on hold at the low level of 0.1%, as widely expected. It is anticipated that the Bank will leave rates at the low rate until around 2012 as a result of deflationary pressures. The world’s no.2 economy exited recession in the second quarter of this year but ...

October 12, 2009

Government orders £16bn asset sale to reduce public debt

by Kay Mitchell
In an effort to tackle Britain's spiralling public debt, the Government has today unveiled proposals that will see it raise £16 billion via asset sales. In order to reduce the budget deficit, which is set to hit a record £220 billion (the equivalent of 12% of GDP), the Government has taken action by ordering sale of assets worth £16 ...

June 18, 2009

Public borrowing soars to £20bn

by Kay Mitchell
The Office for National Statistics (ONS) has today revealed that UK public sector borrowing has soared to the highest level since ONS records began over 15 years ago. Public sector net borrowing reached a record level of £19.9 billion in May and has already hit £30.5 billion for this financial year - more than double the level seen at this juncture a year ...