Saturday, February 20, 2010
“Let’s Spend our way out of Recession?”
"Britain has one of the worst deficits as a percentage of GDP in the world, according to OECD figures. Only Iceland and Greece have higher deficits and experts fear it could overtake Greece. Here is a table of how the UK compares with other nations". Ross Walker, RBS chief economist, said "there were grounds for concern about Britain's public finances. He said he fell in the camp urging a credible policy in the medium term". "The Government needs to deliver something upfront," he said, "such as raising VAT to possibly as high as 20pc".