The real level of UK government debt is around £4.8 trillion

As we have a new government and we also have a better idea about the effects of the financial crisis on the public finances, I thought it would be worthwhile to update my 2008 paper, A Bankruptcy Foretold . Recalculating the UK government’s debt in 2010 gives a figure of £4.8 trillion or 333% of GDP – six times the official figure of £772 billion.

IEA Pensions Fellow

Nick Silver is the Pensions Fellow at the Institute of Economic Affairs. Nick is also Director of Callund Consulting Limited, where he provides public policy advice on social security, pensions and consultancy services to corporate clients in all continents, in respect of non-state employee benefits. From 1998-2005, Nick was Director of Silver Actuarial Services. Prior to this, he was Manager of PricewaterhouseCoopers in the actuarial Department, and worked as an Actuary from 1991 to 1997. Nick received an MSc in Public Financial Policy (Merit) in 2004 from the London School of Economics and Political Science (LSE). He also has a BSc Hon in Mathematics from Bristol University. He is a Fellow of the Institute of Actuaries.