“Well it seems the US is not the only country with crazy politicians sending us into financial catastrophe.” Admin
The Office for National Statistics (ONS)has changed the way it measures our public finances, throwing fresh light on the precise state of the nation’s coffers.
The latest revisions help bring the UK in line with European accounting standards, but they don’t make great reading for the Chancellor.
According to the figures, Britain’s debt mountain is £127 billion bigger that we first thought.
To provide some context, that’s more than the government’s annual budget for education and housing put together.
Public sector borrowing – the difference between what the government earns in revenues and what it spends and invests – has also jumped. The ONS now thinks borrowing is around £99 billion, £5 billion higher than previously calculated (see below).
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