UK Finances to Sink

Palace of Westminster in London


The British economy was in the news again today:

UK to sink further into red than any major country, warns OECD
The UK is predicted to sink further into the red than any other major developed country next year, according to the Organisation for Economic Co-operation and Development
Telegraph – June 24, 2009

The fiscal deficit is expected to rise to 14 per cent of economic output in 2010, compared to an average of 8.75 per cent in the 30 most developed markets, it says in a report.

The OECD warned that “public finances have deteriorated sharply” since the beginning of the recession and called on the UK to continue to develop “a strong and credible” framework for reducing the ratio of debt to output.

“To improve stability, the government should continue to develop a concrete and comprehensive plan to ensure that debt is on a declining path once recovery takes hold,” the OECD said.

The organisation said the state of the UK’s balance sheet meant the possibility of extra stimulus to the economy was curtailed.

The UK, along with the USA, has a major debt problem.  And while leaders from both nations will claim that they will be able to turn this around, the reality is that biblical prophecy suggests that this will not happen.  And that both of these highly indebted nations will be taken over and the peoples made slaves.

But this will not happen until at least 2012.

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