The Office of National Statistics tells us today that we can add £1 to £1.5 trillion to the £700 billion national debt to allow for the banks coming into the public sector. That makes our national debt up to a collosal 150% of National Income on the official figures. We could add some more for pensions liabilities and other off balance sheet items.
So after all those months of being told the UK has low public borrowing around 40% of National Income, at last the government’s own statistics office tries to make an honest institution of the government with these much larger figures. I am not going to argue today over over the odd trillion of understatement, now they are coming up with some more realistic figures. I just want to know why it has taken so long,and why we had to put up with all those denials when I tried to set out the true figures in the Commons and elsewhere.