Gordonomics in action: IMF point out that we are broke.

According to the IMF, Britain will have the biggest debt of any major economy next year, according to the International Monetary Fund.

They claim that the New Labour budget deficit will soar to £191billion,

However the badger, Alistair Darling dreamed up a figure of £175billion.

It predicts that by 2010, the UK's debt will equate to 13.3 per cent of gross domestic product - compared with 9.7 per cent for the U.S.

The forecast will reignite the political row over the Prime Minister's refusal to acknowledge the need for spending cuts. Cabinet Secretary Sir Gus O'Donnell has warned of deep reductions in departmental spending.

Gordonomics: the fantasy of basing the nations future on massive public spending, swelling the state that creates no wealth whilst not investing in wealth creation in encouraging us to build stuff we need here in the UK rather than importing cheap goods from abroad.

At the same time creating an illusion of wealth based on a credit bubble that was in a large part dependant on ever expanding house prices, ignoring all warnings over many years and claiming that all was well "longest period of economic growth", "no more boom and bust".

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