Fiscal deficit situation 'has been exaggerated'
The issue of the UK’s fiscal deficit has been exaggerated somewhat, one expert has claimed.
According to economist and editor of Investment and Business News Michael Baxter, concerns over the seriousness of the situation may have been taken out of proportion.
’A lot of commentators [and] economists are guilty of doing that,’ he remarked, noting that the country’s net as a percentage of its gross domestic product will still be lower than that of Japan, Italy, Germany and the US when it reaches its peak.
France and Canada will only be ’marginally’ better off, he noted, adding that it will ’probably’ be below the average for the G7 group of countries when the figure is at its highest point.
However, he did concede that the fiscal deficit is currently ’very high’
Data published by the Office for National Statistics last month put the public sector deficit at £7.7 billion during October 2009, a substantial fall on the surplus of £2.2 billion that was recorded in the same month the previous year.
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