The government announced this week that it was borrowing money at a record rate of over £200m a day. Over the last six months, the budget deficit (the difference between government spending and tax revenues) was a staggering £37.6bn - the largest since records began in 1946, when Clement Attlee was prime minister. In September alone the government ran a fiscal deficit of over £8bn.
For the current fiscal year the British government has forecast a budget shortfall of £43bn. This will be impossible to achieve and the likely out-turn will be £65bn or more. But what worries many commentators is that the worst is yet to come. Can the budget deficit reach £100bn?
http://www.tutor2u.net/blog/index.php/economics/comments/could-the-uk-budget-deficit-reach-100bn/#extended
