'UK debt hinders economic recovery' - Simon Dixon provides commentry

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@SimonDixonTwitt comments on how to turn around UK unemployment on the evening news.

Britain's economy is "deeply dependent upon debt" as no money is used in any kind of production, business or job creating activity, a British economist tells Press TV.

The comment comes as Britain's economy has slumped back into recession after its gross domestic product (GDP) fell 0.2 percent in the first quarter of 2012.

The Office for National Statistics (ONS) said Britain's GDP has fallen 0.2 percent in the first quarter of 2012, adding to a 0.3 percent contraction at the end of 2011.

A recession is defined as two straight quarters of contraction, and these new figures will be a deep blow for Britain's Conservative/ Liberal Democrat coalition, which has slid in opinion polls.

Press TV has conducted an interview with the CEO of Bank of the Future, Simon Dixon, to discuss the issue further.

A prominent economist says the record-high UK public debt presents a long-term challenge of getting the public finances back on a sustainable footing.

Official data shows the UK public sector debt excluding financial interventions-- such as bank bailouts, has for the first time passed the 1-trillion-pound mark.