UK has seventh highest debt of G20 countries

Only Japan, Italy and France are worse by percentage

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The Independent Online

The United Kingdom has the seventh highest debt among members of the G20, according to analysis by Australian price comparison website .

Britain's debt stands at $2.3 trillion (£1.47 trillion) which is 91.1 per cent of GDP. In absolute terms that ranks the UK seventh, just ahead of China.

However, the Asian economic superpower's productivity is such that its $2.1 trillion debt is barely a fifth of its GDP. Only Japan, Italy and France were worse by percentage.

Concerns over the UK's debt burden are exacerbated as half of G20 countries, which represent 85.9 per cent of the world economy, have debt at less than 50 per cent of GDP.

The news comes as the G20 Leaders Summit takes place in Brisbane on the east coast of Australia.