http://www.telegraph.co.uk/finance/financetopics/recession/3446686/Ken-Clarke-warns-Britain-is-on-the-brink-of-meltdown.html
"We still have a major, major crisis in this country and... public finances are in a terrible mess".

Mr Clarke, 68, said the British economy is headed for a "catastrophic crisis" that will be "far worse than anything that has occurred in my lifetime".

In short it will be worse then we all think.