The British banking sector also has very large debts by international standards. Banks' outstanding debts are equal to 427 per cent of GDP, more than those in any country except Greece and Japan. Adding together household, government and bank debt, Britain's liabilities are the largest in the EU, Mr Raab says. He added that the figures bolstered the argument made in this newspaper by Boris Johnson, the London mayor, that Britain needed to do much more to address its economic problems.