According to the investor Jim Rogers the UK is not doing enough to prevent its eventual need for a bail out from the EU.

Speaking to CNBC, Rogers said that the coalition government would have to go further in its cost cutting to avoid what he sees as a financial catastrophe.

"They [the government] are not doing it. They are saying they are doing it but they are not. They are saving £1 billion ($1.6 billion) here or there but they are not doing what they really need to and I’m not sure the government would survive the kind of pain that is really required" Rogers told CNBC.

"How can the UK ever repay the debt that is continually rising? The UK will need a bailout soon. You have the advantage that your debt is longer term but let’s assume the government keep to these austerity plans or really put them in place people will start to complain" he went on.

His claims are flatly rejected by Commerzbank economist Peter Dixon and Deutsche Bank's chief UK economist George Buckley, who both believe that the government's austerity plans are sufficient to stave off any such problems and that Rogers does not grasp the true position of the UK economy.

"I would flatly reject the idea that austerity measures are not going far enough" said Dixon to CNBC, while Buckley said "That [view] is going to one end of the spectrum".

And both Buckley and Dixon warned that any further cost cutting may actually stifle economic growth.

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