BCC: UK debt problem not as bad as other countries
BCC: UK debt problem not as bad as other countries
- Monday, 19 October 2009The British Chambers of Commerce (BCC) has suggested that the extent of the debt problem facing the UK is not as bad as that faced by a number of other countries.
It was suggested by the BCC that while the UK may have a worse deficit than other nations, the level of debt is actually far smaller.
BCC economic advisor David Kern said that while it was indisputable that the UK faced recession-related issues, it was not in a particularly bad position compared to many of its counterparts.
He commented: "Although the deficit is bigger, we can afford to have a bigger deficit because we start from a lower level of debt.
"My view is that [there] are problems but I wouldn't have thought that they are more serious in the UK than in the Eurozone."
Mr Kern made his comments following suggestions from the European Commission that the UK could face financial difficulties as a result of age-related expenditure and government debt.
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