Shocking truth laid bare: Britain faces 20 years of crippling debt

BRITAIN is set to be saddled with crippling levels of debt for the next 20 years, according to world economists today.

00:00, Wed, Jan 28, 2009

Britain will be saddled with debt until 2030 Britain will be saddled with debt until 2030

The taxpayer looks set to to fork out a massive £20 billion a year to get the country's creaking finances back in order, according to the Institute for Fiscal Studies (IFS).

But with the credit crunch costing the country more than £50b a year - not including the mammoth bank bail-outs - it will take two decades before the UK's economy returns to pre-crisis levels.

As Britain stared down the barrel of an economy in debt until 2030, there was further bad news to digest.

World economists warned this evening show that the UK will suffer the deepest recession of all western countries.

Brown has been accused of wrecking the country s economy Brown has been accused of wrecking the country's economy

Britain's economy is sinking further and quicker than any other country according to the International Monetary Fund’s (IMF) World Economic Outlook.

The IMF's grim outlook showed the economy shrinking by 2.8 per cent this year, more than twice as bad as it previously thought and well above the 2 per cent average for advanced countries.

Opposition parties greeted the latest assessments of the problems facing Britain as proof that Government policies were failing and Labour’s “lie” that the UK was better protected than most.