Government urged to reveal
'true' national debt of £4.8 trillion
The Institute of Economic Affairs (IEA) has calculated that the national debt is £4.8 trillion once state and public sector pension liabilities are included, or £78,000 for every person in the UK.
Stacking up: the national debt equates to £78,000
for every person in Britain Photo: GETTY IMAGES
The IEA raised its concerns after the latest public finances data from the Office for National Statistics (ONS) this week, which showed that the total debt, excluding bank bail-outs, is £816bn – itself a record high. However, the figures strip out the state's pension liabilities in a contravention of standard accounting practices.
Mark Littlewood, the IEA's director-general, said: "The latest official national debt figure is seriously misleading. Looming in the background are pension liabilities. These should be moved to the forefront.
"The ONS should include these liabilities in their calculations. It is shocking enough to see official figures revealing a jump in national debt over the last year from the equivalent of 48pc of GDP to 56pc, but the grave reality is that our real national debt stands at 333pc of GDP."
Nick Silver, an IEA research fellow, said the full figure, including the £1.2 trillion public sector pension liability and £2.7 trillion state pension liability, should be published either monthly or annually alongside the net debt data for reasons of transparency.
The ONS has already begun to assemble the data, publishing the full list of Britain's debts and liabilities for the first time in July, which came to a total of between £3.68 trillion and £4.84 trillion.
Aileen Simkins, ONS director of operations on economic statistics, said the figures would be updated in September and that the ONS plans to compile and release them on an annual basis "to begin with".
"We are in no doubt that there is a bigger number that is also relevant to public data," she said. "We think it is important to have more transparency on public sector debt – looking at figures that go beyond standard monthly net debt and include state and public sector pensions."
The ONS numbers included a £1 trillion to £1.5 trillion liability for the Government's stakes in the part-nationalised banks, equivalent to the relevant portion of their total liabilities, £1.35 trillion for state pension liabilities, and £1.2 trillion for public sector pensions.To view the original of this article CLICK HERE
But I Think They Left out PPF Sell Offs During 13 Unlucky Labour Years.
During those unlucky 13 years of Labour economic illiteracy and sell ot to Communism organised by Common Purpose for John Presscot the sale of Public assets was the highest of any peacetime period for well over a Century - Hospitals, Power Stations, Docks, Land, MoD, Government Buildings sold off to cronies under Public Private Financing - Over £200 Million went missing unaccounted in the Dome Swindle and so it goes on!
Add this in and the debt looks more like £13.2 Trillion or £214,500 per man woman and child in Britain!
Not counting more interest each year that would be £21,450 per annum to repay every year for 10 years from YOUR salary after you have paid tax!
"In politics, stupidity is not a handicap." Napoleon Bonaparte (1769-1821),
for all my contact details & Blogs: CLICK HERE
British Politicians with pens and treachery, in pursuit of their own agenda and greed, have done more damage to the liberty, freedoms, rights and democracy of the British peoples than any army in over 1,000 years.
The disastrous effects of British politicians selling Britain into the thrall of foreign rule by the EU for their own personal rewards has damaged the well-being of Britain more than the armies of Hitler and the Franco - German - Italian axis of 1939 - 1945.
Make your vote count vote:
INDEPENDENT Leave-the-EU Alliance
or Write on YOUR ballot Paper