Today is — so far — being dominated in media-land by comparisons between the struggling Greek economy and that of the UK. Adam Boulton of Sky News had a tetchy exchange with Peter Mandelson on the subject at this morning’s party press conference.
On his campaign blog, David Miliband has expressed his frustration, saying: “Labour needs to nail this Cameron nonsense, happily repeated by too many in the media, that the UK economy is in the same position as Greece.”
He sets out the facts, which are worth repeating below:
1. The Greek debt is twice ours — over 100 per cent of GDP, compared to 56 per cent.
2. Greek average debt maturity of government bonds is three years compared to our 14.
3. Greece is predicted to be in recession this year and next and we are growing.
Give a gift subscription to the New Statesman this Christmas from just £494. Our current a/c deficit is less than 2 per cent of GDP and Greece is over 10 per cent (ie, our savings cover a lot of our deficit).
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