LONDON, Feb. 18 (UPI) -- Britain's January budget deficit put the country on track to surpass Greece in terms of debt as a percent of the national economy, a leading economist said.
Jonathan Loynes, chief European economist at Capital Economics said, "extrapolating the trend forward now points to a full-year borrowing figure of about $281.1 billion."
"This would be the equivalent of around 12.8 percent of GDP, just in excess of Greece's 2009 deficit of 12.7 percent," he said.
The government borrowed $6.7 billion in January after revenue fell short for the first year of the month for the first time since 1993, The Times Online reported Thursday.
The figure surprised economists who had predicted a monthly surplus of $4.3 billion. January is generally a flush month for the government with corporate taxes due.
Revenues from income and capital gains taxes were sharply lower than expected, however.
"January's UK public finances figures have further underlined the need for more decisive action to improve the fiscal position when the economy is strong enough to withstand it," Loynes said.
