UK Government debt is now £4,097 billion - £70,000 per person according to a new Institute of Economic Affairs report.*
The author** calculates the national debt at 276% of GDP, compared with the official figure of 43% of GDP.
This includes pension liabilities to public sector workers as well as state pension liabilities which are excluded from official figures. Public sector pensions alone represent a debt of £1,261 billion, or 85% of GDP.
The report undermines the position that the government can afford to borrow more because its finances are healthy. The debt represents a genuine transfer of resources to current generations of voters from future generations of voters.
The UKs debt is far higher than official estimates because the governments own cal