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Page last updated at 07:48 GMT, Wednesday, 28 April 2010 08:48 UK

Miliband slams Cameron 'economic illiteracy'

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The Foreign Secretary, David Miliband, says the British economy is in far better shape than Greece's, where a financial crisis has caused stocks markets to fall sharply around the world.

He told Today presenter Sarah Montague that "I honestly believe the way David Cameron has talked about Greece and Britain in the same breath is frankly economic illiteracy" and that comparisons between the two economies were unfair.

"UK debt is 56% of national income, Greek debt is almost twice that about 115%... when it comes to growth the Greek economy is expected to be in recession to the tune of 2.5% this year and 3.5% next year, while the British economy is actually growing and... the UK current account deficit is less than 2% of GDP of national income, the Greek figure is about 10%".

Financial markets in Europe, the US and the Far East continue to fall after after the credit ratings agency Standard and Poor's downgraded Greek debt to "junk" status and there are fears that the crisis could spread to other EU economies.


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