the UK is less prudent than the Spanish. Economists are going-off about the private debt crisis in Spain, which, as a percent of GDP, is less than half of that in the UK.
That may or may not be true Gary but the markets, particularly the bond markets, view things differently. Britain is now seen as an example of prudence and Sterling a safe haven.
The OECD has announced the UK economy is set for a modest recovery in the second half of this year.
Spain is slipping slowly into a much more prolonged recession. The underlying economic problems will just not go away on their own.
Rajoy’s government I admit are taking many necessary measures but the constant tax hikes will be a counter measure to reforms and stimey growth.