You can view the latest threat level on the Home Office site:  http://www.homeoffice.gov.uk/security/current-threat-level/

"The current threat level is SEVERE"

"The threat levels are:

* critical - an attack is expected imminently
* severe - an attack is likely
* substantial - an attack is a strong possibility
* moderate - an attack is possible but not likely
* low - an attack is unlikely"

The USA has 5 levels as well, but they have different names and are colour coded:

* Severe
* High
* Elevated
* Gaurded
* Low

 http://www.dhs.gov/dhspublic/display?theme=29

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UK replicates US terror alert model

It closely resembles the scheme in the United States, which since its launch in March 2002 has been set at yellow (elevated) - the third of five levels - apart from seven episodes ranging in length from 10 to 101 days when it has climbed to the second level, orange (high).

A comparable four-grade system in Australia has remained unchanged at the third level, medium - "terrorist attack could occur" - since its introduction in June 2003.

 http://news.ninemsn.com.au/article.aspx?id=118669

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What code red, Severe, means in the US has been discussed by many people and quite a lot of people think that it is in effect MARTIAL LAW:

 http://www.google.co.uk/search?q=red+%22threat+level%22+%22martial+law%22

This is an extract from one article the above search returns:

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Code Red Alert and Martial Law

The possibility of a code red terror alert has been announced time and again since September 11 2001, with a view to galvanizing public opinion across the country in support of an emergency situation, if and when it occurs. The terror alerts have become part of America's day to day life:

"at each threat condition [yellow, orange, red], federal departments and agencies would implement a corresponding set of 'Protective Measures' to further reduce vulnerability or increase response capability during a period of heightened alert."

See:  http://www.fema.gov/pdf/areyouready/security.pdf.

Supported by a barrage of media propaganda, these repeated terror alerts have created an environment of fear and intimidation, a wait-and-accept attitude, a false normality. US citizensare led to believe that a military solution is required to protect democracy.

In other words, the possibility of an impending attack on America by this "outside enemy" has been accepted by the American public; this tacit acceptance has set the stage for the adoption of "the highest threat level": code red alert.

What the US public is not aware of, is that a code red alert suspends civilian government; it triggers a whole series of emergency procedures; it is tantamount to a coup d'etat -- although in many regards the coup d'etat has already taken place under the post-9/11 anti-terrorist legislation and the rigging of the 2000 elections which brought George W. Bush into the White House.

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The rest of the above article can be read here:

 http://www.fromthewilderness.com/free/ww3/072904_coup_detat_america.shtml

or here:

 http://globalresearch.ca/articles/CHO407B.html

Other articles:

 http://www.williambowles.info/spysrus/martial_law.html

 http://www.oilempire.us/redalert.html

So if the top US threat level represents the suspension of civilian government what does the top UK threat level going to mean if we get there?

And who is going to check the threat levels apart from the "terrorists"? Oh it's dropped to "substantial" -- this would be a good day for getting away with an attrocity...