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Wait for the BANG! UK national debt now £1.7tn, up £200bn/yr: George Osborne blames Brexit!

2,501 views · Published 2 July 2016 · 4:55 · Indexed 10 November 2026

Channel: Public Enquiry · 2016 · News & Politics

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British Finance Minister George Osborne has abandoned the government’s promise to eliminate the budget deficit by 2020, sparking forecasts of more austerity pain following the Brexit.

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Officially the national debt 
2010 £1.2tn = unofficially £4.8tn 
2016 £1.7tn = unofficially £6.8tn 


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. 
http://www.telegraph.co.uk/finance/economics/7957110/Government-urged- to-reveal-true-national-debt-of-4.8trillion.html 

By Philip Aldrick, Economics Editor7:33PM BST 20 Aug 2010 
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." 


Osborne said Britain needs to reduce the uncertainty by moving as quickly as possible to a new relationship with Europe. He said the austerity measures would go longer following Britain’s vote to leave the EU. He also urged the government to provide fiscal credibility. The remarks were made following the Conservative government of British Prime Minister David Cameron promised to drop the budget surplus by 2020.

Commentator:
Tony Gosling
Investigative Journalist

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