Quote:
Originally Posted by OLD BOY
Are you aware of the difference between the debt and the deficit?
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Irrelevant.
A debt level of 100% of GDP is highly problematic in its own right, and has implications for the way potential lenders perceive us as a risk as we seek to borrow more in future. Eliminating the deficit is of course a prerequisite for reducing the debt, however with the debt being so high to begin with, the pain induced by the measures required to reduce it may be significant.