LONDON (AP) — Britain posted its largest annual budget deficit since the Second World War yesterday as campaigning for a tight national election intensified.

The 2009/10 borrowing figures were slightly better than forecast by the government, but still revealed the extent of Britain's economic troubles as party leaders attempt to convince recession-weary voters they are the best option for future growth.

The Office for National Statistics reported that public sector net borrowing rose to a record £152.84 billion ($235.9 billion), or 10.9 percent of gross domestic product.

That significantly undershot the £167 billion forecast by the ruling Labour Party, but was well up from the £86.91 billion deficit recorded in 2008/09.

"The fact that the public finances were modestly less awful than feared ... does not materially alter the fact that they are in an almighty mess," said IHS Global Insight economist Howard Archer. "Whoever is in power after the May 6 general election will have to announce further major spending cuts and tax hikes to return the public finances to a sustainable state over the medium term."

The blowout in Britain's deficit is a key point of contention in campaigning for the national poll.

Conservative leader David Cameron, who has pledged to announce a new budget within weeks if his party is elected, has said Britain needs a credible plan to deal with its debt starting immediately "to show the world we are back open for business".