A top think tank has released figures which claim that Britains collective debt will reach £1,260 billion next year, whilst unemployment will creep up to 10 percent. Organisation for Economic Co-operation and Development report said that” debt will reach 90 per cent of the £1,400billion GDP, the. Ministers should be 'more ambitious' about tackling Britain's soaring deficit”, the OECD also added.

With no one quite sure how to pull Britain out off its mounting debts Liberal Democrat Treasury spokesman Vince Cable said “the debt must be addressed honestly. The government cannot simply close its eyes and hope that the budget deficit will sort itself out,” he added.

Under Gordon Brown's 'golden rule' of fiscal prudence he made as chancellor, debt should never rise above 40 per cent of GDP. Currently it officially stands at 55 per cent, meaning that it may be time to face facts and truly address the mountain of debts Britain as a country finds itself under.