THE TELEGRAPH: Britain is at risk of a Govenment deficit crisis worse than that of Greece, sparking serious fears over the economic stability of the country.
In surprise news which sent the pound sliding on Thursday, official figures showed that the Government borrowed £4.3 billion last month.
It was the first time since 1993 that the public finances had gone into the red in January – a month in which tax revenues usually push the Exchequer into the black.
Economists said that the scale of the shortfall in the budget could this year mount to above £180 billion – higher than even the Chancellor’s forecast of a record £178 billion.
Such a deficit would, at 12.8 per cent of British gross domestic product, be even greater than the deficit faced in Greece, which is facing a full-scale fiscal crisis and may need to be bailed out by fellow euro nations or the International Monetary Fund. >>> Edmund Conway and James Kirkup | Thursday, February 18, 2010
TIMES ONLINE: On borrowed time: shock deficit threatens UK recovery >>> Francis Elliott and Gráinne Gilmore | Thursday, February 18, 2010
