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.
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