Is Britain on Life Support?

In a provocative essay, Newsweek argues that Britain’s at a watershed moment in its ‘glorious’ but now declining history.

While the global recession has wrecked havoc in most countries, Newsweek argues that the UK has been hit particularly hard. At the moment, Britain is arguably saddled with the worst public finances of any major nation, thanks to voracious spending in recent years and to borrowing that is growing faster than in other developed nations or even fast-growing developing ones. Britain is so heavily indebted that one political commentator dubbed it “Iceland-on-Thames,” suggesting Britain could follow that nation into bankruptcy.