Last week I showed you that if you took all the UK government liabilities – central and local government, plus pensions and the banks – that the figure was bigger than just the official debt-to-GDP number. Well the government published its latest figures yesterday. It’s the “Whole of Governments Accounts” and you can read them for yourself here.
If reading long reports about the unsustainability of government debt and deficits isn’t your idea of good time, I’ll break it down for you. Total net liabilities were up 14.3% from 2014 to 2015. Government liabilities were up 7.1%. And public sector pension obligations were up 14.5%.
What’s at stake here?
The Brexit debate has concealed the fact that Britain’s debt has gone up under a Tory government. The deficits are smaller. But every single deficit in every single year adds to the total debt. And the debt is huge.
Category: Brexit