A Bankruptcy Foretold 2010: Post-Financial-Crisis Update (web publication)

True level of the UK government's debt estimated at £4.8 trillion

This study uses standard accounting practices to estimate the true level of UK government debt. The research calculates the real national debt at £4.8 trillion, a staggering 333% of GDP or £78,000 per person. This contrasts with the official figure of 54% of GDP.
The study's calculation includes liabilities such as public sector pensions and state pensions, as well as an allowance for the bailed-out banks.

The author advocates a series of measures to tackle the debt problem, including the reform of public sector pensions and an increase in the retirement age.

2010, Discussion Paper 28

Further reading:

Sir Humphrey's Legacy: Facing up to the Cost of Public Sector Pensions by Neil Record.

Living with Leviathan: Public Spending, Taxes and Economic Performance by David B. Smith.

How Should Britain's Government Spending and Tax Burdens be Measured? by David B. Smith.