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Sunday, 2 August 2009

Have the BBC no shame?

The International Monetary Fund (IMF) report that Britain will by next year have the biggest debt of any major economy at £191billion and yet the BBC seem not to have reported the story at all. The IMF has previously warned that the UK is "testing the limit of the market's confidence" by increasing national debt towards 100% of GDP. The organisation has also previously called on Gordon Brown to do to more to tackle public spending if Britain is to avoid a collapse in sterling and fiscal meltdown.

Meanwhile one of the ratings agencies, Fitch, has warned that the UK's AAA credit rating was "under threat" unless the public finances are brought under control. Fitch warns that "The pace of consolidation set out in the latest Budget is not sufficient to put debt on a firmly downward path within five years."

Why is the BBC ignoring this story? Is the prospect of the UK's economic collapse unimportant compared to ensuring the survival of a Labour government?

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