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 A future of financial difficulties appears to be on the cards for many as shadow chancellor George Osborn questions whether the UK can cope with the current financial crisis.
Mr Osborn has expressed his doubt that the country is capable of weathering the storm, which has largely come about due to the collapse of the US sub-prime mortgage market.
During an appearance on BBC One's 'The Andrew Marr Show', the shadow chancellor hinted that many Britons face financial difficulties in the months and possibly years ahead.
"We are heavily in the red, we're more in the red than any other European country," he told the show.
"I was at a meeting here in Davos yesterday evening with two other finance ministers, and they were talking about how they had surpluses at the moment, and what they were going to do with their surpluses to help their countries weather a possible severe downturn.
"That debate can't even be had in Britain because we've got the biggest budget deficit in Europe, and indeed we're now spending £30 billion a year simply on interest payments," continued Mr Osborn.
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