See this blog post and wonder. We are spending like the rich while earning as much as the poor while saving zilch. Who is going to pay for the ever rising health, pensions, education, PFI agreements, etc. etc. etc. And not to mention the government borrowing.
I am seriously concerned about the lack of spending discipline in this country. We HAVE to move into fiscal surplus and then do it for few decades so that we can retire our debt. THAT is when we can say our financial situation is good. We are borrowing from our children to pay for our current needs. What kind of parents does that make us? Pretty bad ones.
The financial markets arent worried about their debt because they know the idiot taxpayer will be on the hook for the debt, but beware, each and every government is going to slash its spending.