The global recession is hitting the UK hard as the total outstanding government debt has risen to a record GBP799 billion. The figure is a staggering 56.6% of the UK's GDP, the highest since records began in 1974. The chancellor estimates that borrowing will reach GBP175 billion this financial year, as GBP13 billion alone was borrowed in June.

The June numbers are slightly better than expected but shouldn't been seen as a great accomplishment. Public finances are in the dumps and will require a large degree of fiscal tightening for order to be re-established. Britain needs to maintain their international credibility while avoiding damaging measures that would harm wealth creating businesses.

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