We're galloping into a mega-crisis

Telegraph
"The International Monetary Fund and the European Commission both expect Britain's output to shrink this year by more than the 3.5 per cent that was outlined in the April Budget. The National Institute of Economic and Social Research (NIESR) forecasts that the contraction will be 4.3 per cent, with unemployment continuing to increase until 2011, peaking at more than 3 million. ....The Chancellor says that his borrowing will top £700 billion over the next five years. If correct, that would stretch the country's credit rating to breaking point. But, without urgent remedial action, the total will almost certainly be much more, proportionally far exceeding that of any other G8 country. We are on course to spend annually a greater sum on interest payments (£43 billion in 2010-11) than on defence."