How did britain strike at germany's economy?

Britain's bounceback from recession is among the weakest in the EU. Only Portugal and Greece have lower growth over the last year. George Osborne blames the euro crisis, but the economy has flatlined since the summer of 2010, and many economists expect Britain to teeter on the brink of recession in the months ahead. UK debt is larger than any in Europe except Greece as a proportion of GDP if household, business and bank debt is added to government borrowing – about 460% of GDP, says consultancy firm McKinsey. If the UK was a young couple after a mortgage, only loan sharks would give a second glance. From the depths of recession in 2010, Germany has motored ahead this year – the economy grew 0.5% in the third quarter. But many expect a tough winter as the euro crisis paralyses business decisions. On debt, anyone who has tried to pay by credit card in a Stuttgart shop or Hamburg restaurant will have realised many Germans still cling to the idea that you should only spend the money you have in your wallet. But this allergy to personal debt does not extend to the government's attitude towards borrowing. Germany's debt as a percentage of GDP is modest when compared to Greece or Italy, it has been increasing sharply in recent years, as a result of bank bailouts, and at around 80% is even higher than the UK's. If it has to rescue many more banks in a eurozone meltdown scenario, the figure is only likely to climb higher.The figures say 1 million (20%) 16- to 24-year- olds are without work, but the UK does itself few favours by lumping 286,000 students into the figures, while other EU countries massage down the total with mass training schemes of dubious value. Housing benefit and tax credit cuts next year will make things worse. Scotland and the cities of the north are particularly badly affected. The wider unemployment rate has risen to a 15-year high, with more than 2.6 million out of work. For those with a job, earnings increases are being eaten away by inflation: prices are rising three times more quickly than salaries.

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