Britain could very possibly become the next Iceland due to a high percentage of its GDP dependent on Banking. It is important to note here that Iceland had a high percentage of its GDP dependent on banking and collapsed when banking crisis started early on. Britain is not far behind and does not have much manufacturing activity or many natural resources it can export in order to have a positive balance of payments. If the banking crisis continues the way it is, and the British government receives less tax revenues due to increasing number of people getting laid off, it could go bankrupt. This is a prime reason why balance of payments need to be kept in check and definitely improved. However, there doesn't seem to be a simple way to do it since the manufacturing has been shifted overseas and a lack of natural resources means most things need to be imported rather than exported which again creates a negative balance of payments.
