“Economists at the investment bank calculated that Britain’s budget deficit could total £126bn, or 7.8pc, of gross domestic product in 2013-14.  That would make Britain’s the highest projected European deficit, with Morgan Stanley predicting that Greece’s would stand at 6.3pc and Spain’s at just under 6pc. In the five months to August, and excluding the one-off savings created by the Royal Mail pension fund and the Bank of England’s Special Liquidity Scheme, the Government borrowed £61.3bn – 26.7pc more than in the same period last year. The official borrowing target for the year is a rise of just 0.5pc.”

http://www.telegraph.co.uk/finance/economics/9560986/UKs-deficit-could-be-bigger-than-Greeces.html

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