sparks Posted August 21, 2010 Share Posted August 21, 2010 Here we go then... What we owe.. Government urged to reveal 'true' national debt of £4.8 trillion The Institute of Economic Affairs (IEA) has calculated that the national debt is £4.8 trillion once state and public sector pension liabilities are included, or £78,000 for every person in the UK.... The IEA raised its concerns after the latest public finances data from the Office for National Statistics (ONS) this week, which showed that the total debt, excluding bank bail-outs, is £816bn – itself a record high. However, the figures strip out the state's pension liabilities in a contravention of standard accounting practices. Mark Littlewood, the IEA's director-general, said: "The latest official national debt figure is seriously misleading. Looming in the background are pension liabilities. These should be moved to the forefront. "The ONS should include these liabilities in their calculations. It is shocking enough to see official figures revealing a jump in national debt over the last year from the equivalent of 48pc of GDP to 56pc, but the grave reality is that our real national debt stands at 333pc of GDP." Why do I take this as the real figure? Well I happen to know Mark Littlewood, as he was a founding member of No2id - and he has been saying this for years! Only now is he in a position to be heard! (he also told me a hilarious alcohol related story about charles kennedy before his 'problem' was revealed...ML was lib dem spokesman at the time!) So, given the debt (which is still rising), does anyone have a clue as to how we will be able to pay it back? It's only a matter of time before chaos descends, which will be shortly after UK plc is declared bankrupt! And we only have to look across the pond to see who is orchestrating things... My link Quote Link to comment Share on other sites More sharing options...
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