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Pre-Budget Report `fails to ease debt fears`

10/12/2009

Worries about Britain`s debt were not laid to rest by Alistair Darling`s Pre-Budget Report (PBR) yesterday, it seems.

Not surprisingly, the papers are full of stories about the PBR - and about the Chancellor`s plans to tackle the country`s debt problem.

Apparently, analysts `were concerned about the scant detail on how he will cut Britain`s bulging budget deficit`, thisismoney.com states.

As the Telegraph reports, Treasury figures show that `the accumulated stock of outstanding Government debt will go on rising for at least six years`, and that `in 2014/15, the national debt will be £1,473 billion. That is 77.7 per cent of gross domestic product`.

And forbes.com reports that Moody`s and Standard & Poor`s (rating agencies) told Reuters that `The outlook for Britain`s sovereign debt has not been materially changed by the limited fiscal tightening in finance minister Alistair Darling`s pre-budget report on Wednesday`.

Basically, it seems that many experts feel the PBR didn`t contain enough detail about how exactly the Government plans to cut Britain`s debt.

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Government warns about rising credit card debt 05/03/2010 - The latest figures from the Bank of England (BoE) have Debt - the 12-month view 04/03/2010 - In January, UK citizens - between them - borrowed £500 Amount of `bad debt` written off reaches 16-year high 03/03/2010 - The latest figures from the Bank of England (BoE) suggest Deeper into debt: middle-class poverty 02/03/2010 - The recession has also affected a lot of people with