IFS criticized the government for not doing enough to bring the debt level down. It said that the UK government did very little to control the situation as compared to other countries.

Comparing the steps taken by other countries, the UK think tank said that while other countries went on to a next level to bring their debt burden down before recession, the UK government restricted its actions only to cut the level of borrowing and the debt inherited from the conservatives in 1997.

Such high debt level of the country may lead the country to one of its weakest fiscal positions in 2010.

In its briefing note the IFS said, "While the UK public finance were in better shape when the financial crisis began than they were when Labour came to power, the UK was in a worse position relative to most comparable countries."

The UK Treasury forecasted the public borrowing to hit a record £167 billion for the financial year 2009-2010.

As per IFS, UK had the eleventh highest debt as compared to other OECD countries.