The UK has debts of £697B or 47.5% of GDP, that includes £100B for Northern Rock and RBS re-capitalisation
Without banking rescues debt hit 40% of GDP, and with fiscal stimulus, this will peak at £1000B or 57% of GDP by 2012. (£15000 each person in UK, add that to your own personal debt...whatever that is).
What could happen?
On the one hand, we could borrow less but the credit markets might freeze up so generate a big depression, on the other hand we can borrow more... that is go in the wrong direction but keep going!
Don't worry, says the Chancellor, neither the UK nor any one else has the courage or the ability to repay any of their debts.
It is just a big game.
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