GREAT BRITAIN'S NOW BANKRUPT

BRITAIN’S national debt has grown by £1.5trillion in the financial crisis and the figure is rising by the second.

The current total equals the output of the entire nation for one year.

And, if a Treasury forecast of £792billion for the current year proves correct, it could leap to a whopping £2.3tn.

Yesterday’s news from the Office of National Statistics was not the only blow.

British Airways announced it would be axing 1,200 more jobs after a record pre-tax loss of £292million for the six months to September, which includes the usually buoyant holiday season.

The deficit was around £40m higher than analysts had been expecting.

Even when items such as pension costs are left out, BA made a loss of £111m, compared with a profit of £140m a year earlier.

About 1,900 jobs have already gone this year. Most of the new losses will be overseas posts.

Part-nationalised Royal Bank of Scotland is also in trouble again. It suffered third-quarter losses of £1.53bn.

Other figures revealed that 4,536 more firms were wound up in just three months. The number of car dealerships going bust has doubled.

Personal bankruptcies hit an all-time high of 35,242 from July to September.

Marks Sands, of Tenon Recovery, said: “We have already exceeded the annual record.

“If this trend continues we could see more than 130,000 by January.”

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Posted: Sat 7 November 2009, 14:14:32 , by Calhoon Re: Great Britain's now bankrupt “ Well, thanks very much Gordon and Bliar. You have succeeded in reducing our financial clout to that of Zimbabwe. How can we ever repay you? (Heavy sarcasm intended) ” ( Inappropriate Comment? Report This! )

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