Could be worse?

Hey, the UK's financial position is not so bad.  The Independent looks at the state of play in a different way:

The world's sovereign bond markets face a monumental test in 2012 as the largest economies attempt to roll over a combined total of $7.6 trillion (£4.9 trillion) in debt.

Data compiled by Bloomberg show the full extent of the financing needs of the largest nations over the next 12 months. The largest borrower will be Japan, which needs to roll over $3 trillion. The United States must raise $2.8 trillion. Next in line is the troubled Italian government, which is looking to raise $428bn. The twin supporting pillars of the eurozone, France and Germany, must borrow $367bn and $285bn. The UK government needs to roll over $165bn in 2012. The emerging markets of China, Brazil and India have to raise $121bn, $169bn and $57bn.

Apparently, the UK's borrowings are over a longer term, meaning they do not have to be re-financed as quickly.  Not necessarily a cause for rejoicing but, as the pilot said when crossing the Himalayas, not every cloud has a solid lining ...