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