UK PBR: Debt to hit 78% of GDP

The UK's net debt will rise to 78% of GDP over the next five years, according to Alistair Darling.

Presenting his pre-Budget report to parliament today, the Chancellor of the Exchequer revealed borrowing will rise by more than expected in the current tax year.

The total budget deficit for 2009/10 will hit £178 billion, up from an initial forecast of £175 billion made in April.

Darling expects the deficit to begin falling in 2010/11, down to £140 billion, though this is still £3 billion higher

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