Originally Posted by
jon1959
If the UK was 'almost bankrupt' in 2010 (defined as the government being unable to pay all its debts immediately if they were all called in?) then that was true for most western governments - certainly the USA. But that technical definition is not useful or very illuminating. The official UK debt to GDP ratio in 2010 was under 70% - lower than many other western countries, and much lower than in earlier decades. If you add in the so-called 'hidden' debts or liabilities then that % rises steeply, but so it does for most other countries too. Most of the debate about unofficial debt and liabilities is so politicised that it is hard to find any figures to trust - but in any case it is not a new phenomenon.