Markets watch closely as UK grapples with deficit

One of the neglected figures from the UK government's last Budget book is the figure for total borrowing between 2010 and 2015.

The government plans to borrow an extra £485bn. That is more than the total UK state debt in 2004. People have not concentrated on this figure because there has been so much talk of spending cuts. Some have even thought cutting the deficit means repaying the debt. That is why telling them the UK is going through another substantial credit dependent period comes as a surprise. The government has to undertake a difficult turn around of the public finances. That much is agreed between the main political parties in the country. The argument is not over whether to bring the deficit down, but ...