UK Debt Rises to Record High

The level of the UK's debt hit an all time record high this week - exceeding an incredible £1 trillion for the first time since such figures began being recorded in 1993. The figure represents a dismal looking 64.2% of the country's GDP.

     Although the coalition government have been implementing strategic measures to reduce the rate at which the country has been borrowing - and indeed exceeded their own recent targets in this regard - it seems their strategy of cuts in public spending and other austerity measures are struggling to control UK debt measures effectively.

     However the treasury sent out a defiant message in view of recent figures - blaming an unsustainable level of public borrowing and spending over a sustained period for the record debt levels and highlighting that the rate of borrowing has been drastically reduced compared with the same period last year.

     Labour hit back at such notions - citing what it has called reckless cuts as a hindrance to recovery, and suggesting that with UK unemployment at its highest point for around 17 years such measures were choking any possible economic turnaround.

Number of Mortgage Products Up in 2011 in Spite of Tough Climate

It may come as a great surprise to many people in the UK, considering the country is currently facing one of the toughest financial crises’ in its history, but recent studies by financial research firm Money Facts suggest that the number of mortgage and home loan products currently available to UK residents is actually on the rise in the last year.

     With rising competition amongst mortgage lenders who are fighting tooth and nail to secure business in the tougher than ever market conditions, there has according to Money facts been an increase of around 1 5th in the number of products available to UK people seeking home loans. Prices and rates are also at a much lower level moving into the year 2012 than those that were experienced at the same time last year as competition grows stiffer amongst leading lenders and buyers search ever harder for the best deal for their needs.

     However, in spite of these recent surprise opportunities in the home loans market it seems that this may be a short lived phenomena, as the ever deepening situation being experienced in the stricken Euro currency zone is likely to hit the market extremely hard where it hurts having created mass uncertainty in the international financial markets..