UK debt problems 'similar to other countries'

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UK debt problems 'similar to other countries'

Mon 19th Oct 2009

Even though the UK has a high level of debt, other countries are all facing a very similar situation, according to an industry analyst.

David Kern, economic advisor at the British Chambers of Commerce, commented that there are very serious problems to be dealt with in terms of debt and the ageing nature of the UK's population, but claimed they are not unique.

He made his comments following research by the EU Commission, which identified the UK as one of the countries which may encounter difficulties due to the scale of its national debt.

Mr Kern said that the same problems will be no less serious in other Eurozone member states.

"They are problems which face many countries, every major country has a deficit problem and the fact that because of the recession, the deficit has ballooned enormously," he explained.

In his view, the demographics of the UK will be similar to that of most other countries.

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