This article details the current economic status of the UK, specifically with the amount of debt the nation has accrued. The total debt for the UK recently reached 1 Trillion pounds. If one were to add the debt of the financial sector and households to this total, it would account for 500% of the nation's GDP. What sets the UK apart from other nations that are reeling in debt, is the fact that the UK has not made progress towards attacking the debt issue. While the US is advancing towards a solution with the defaulting of unaffordable mortgages and creation of jobs to help pay debts. The UK in some respects is doing the opposite. People have been saving more and spending less due to decreased incomes. Consequently this has decreased consumption for the UK's economy. In response to the decrease in consumerism and rising debt, the country's economic leaders have called for the "Great Deleveraging." The UK plans to place more of a concentration on growth through exports to help right its economy.
http://www.guardian.co.uk/business/2012/jan/24/national-debt-soars-uk-new-equilibrium
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