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fiscal situationCNBC
•78% Informative
Kevin Klowden is the chief global strategist at the Milken Institute .
He says the UK 's budget deficit is years in the making and run the risk of having consequences that could last for years to come.
Borrowing in the financial year to August stood at 64.1 billion ( $85 billion ), with the country's debt hitting 100% of GDP.
The new Labour government has taken great pains that they are not planning to implement further austerity.
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