UK debt ‘as bad as Greece and Portugal'

The UK's debt problems could be on a par with those facing Greece and Portugal, according to a former IMF economist.

Simon Johnson, former chief economist for the IMF, says the UK will face problems in the future unless it can convince markets it has its deficit under control. The Treasury says all major ratings agencies have confirmed the UK's triple A credit status. Johnson says the Greek situation is particularly bad, but worried the UK could face similar problems with spiralling debt. "I have to add the UK to this list. Unless you can persuade the markets that you're really going to bring the budget under control within the foreseeable future and you're going to have some credible actions - a...