On this measure, the aggregate indebtedness of the UK has risen from an already large and arguably unsustainable 487% of GDP in the second quarter of 2008 to an even bigger 507% of GDP in the middle of 2011.

BBC: US ahead of UK on road to reducing debts

But it may be worth remembering that the aggregate public-sector and private-sector indebtedness of the UK is higher than for any eurozone country, even Greece - and our annual government deficits are significantly greater than those of Spain or Italy.

BBC: Would euro solution be costly for Treasury?