{"id":335106,"date":"2010-02-18T09:19:03","date_gmt":"2010-02-18T14:19:03","guid":{"rendered":"http:\/\/www.businessinsider.com\/britain-january-borrowing-makes-country-look-worse-than-greece-2010-2"},"modified":"2010-02-18T09:19:03","modified_gmt":"2010-02-18T14:19:03","slug":"the-british-stop-laughing-as-january-borrowing-explosion-makes-deficit-worse-than-greece","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/335106","title":{"rendered":"The British Stop Laughing As January Borrowing Explosion Makes Deficit Worse Than Greece"},"content":{"rendered":"

\"Queen<\/p>\n

Britain’s fiscal position took a dramatic hit today as it was revealed that the country borrowed a staggering 4.3 billion pounds ($6.7 billion) in January alone.<\/p>\n

At this pace the UK’s deficit this year will be higher than troubled PIIGS nation Greece, according to the Times of London<\/a>.<\/p>\n

This early year budget deficit was completely unexpected and, in fact, was predicted to be a billion pound ($4.36 billion) surplus.<\/p>\n

This has hit UK gilts, or government bonds, particularly hard as their spread has now widened to 100 bps against 10 year German bunds, according to FT Alphaville<\/a>.<\/p>\n

The UK is now set to run a 2010 budget deficit of 12.8% of GDP, which is .1% higher than the one Greece ran last year, according to Jonathan Loynes of Capital Economics<\/a>.<\/p>\n

This comes just 24 hours after another economist called on the country to bring in the IMF<\/a> to deal with their debt crisis.<\/p>\n

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