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UK debt: 'We've got a hard task ahead of us'

24 January 2012 Last updated at 13:43 GMT

The government's overall debt has reached £1tn for the first time, equivalent to 64% of Britain's annual economic output.

Borrowing in December fell by more than expected, to £13.7bn - £2bn less than a year earlier.

The Treasury Minister, David Gauke, says there is still a hard task ahead.