UK PM caught out in Oz!

Here was the UK PM being lauded, today, by Australia's PM for being the man who had put the UK back on track economically - and in turn extolling the virtues of all the wonderful things his Conservative government has done for the British economy. Perhaps because he was far away from the Mother country or suffering jet-lag did the Brit PM "forget" an inconvenient fact, as revealed today in The Independent.

"The United Kingdom has the seventh highest debt among members of the G20, according to analysis by Australian price comparison website finder.com.au .

Britain's debt stands at $2.3 trillion (£1.47 trillion) which is 91.1 per cent of GDP. In absolute terms that ranks the UK seventh, just ahead of China.

However, the Asian economic superpower's productivity is such that its $2.1 trillion debt is barely a fifth of its GDP. Only Japan, Italy and France were worse by percentage.

Concerns over the UK's debt burden are exacerbated as half of G20 countries, which represent 85.9 per cent of the world economy, have debt at less than 50 per cent of GDP."

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