{UAH} BRITAIN FOREIGN DEBT EQUALS 436% OF GDP

Britain foreign debt equals 436% of GDP

A new Forbes report says Britain’s foreign debt equals 436 percent of its gross domestic product (GDP).

Tue Nov 26, 2013 5:32PM GMT

Britain’s foreign debt equals 436 percent of its gross domestic product (GDP) as the country owes hundreds of billions of dollars to Spain and Germany, a report says.

The report published by the Forbes magazine said the British banks are on the hook to Italy, Portugal and Ireland.

The report added that the ratio of foreign debt to GDP in Britain is much higher than in Spain (284 percent), France (225 percent) and Germany (176 percent).

The policymaker of the central bank of the United Kingdom, the Bank of England (BoE), recently warned that it will take several years before the British economy recovers and returns to normality.

The Paris-based Organization for Economic Cooperation and Development (OECD) also remains pessimistic about the UK's short-term growth prospects.

The OECD has expressed concern over possible overheating in the British housing market, saying there is an urgent need for the supply of new homes to increase in line with rising demand.

KA/HMV/SS

 

 

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