Forget Spain - Britain's debts look pretty painful too

The markets are closing in on Spain. But we shouldn't get too comfortable - our debt burden is looking increasingly intolerable.

The markets seem to have it in for Spain today. Indeed, the prospect of the euro splintering entirely is increasingly being discussed in the mainstream press.

But Britain shouldn't get too comfortable, reckons Tim Price of PFP Wealth Management. In his Price Report newsletter, he notes that "The UK's total debts sum to over 450% of GDP. At this level, some form of debt restructuring is almost inevitable. There are four possible ways out of the mire:

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.