This site has long argued that public debt and liabilities amount to £3-4 trillion, thanks to the last government.
Yesterday ONS produced its paper seeking to expose the true state of the public accounts. They think we can add to the £890 billion net debt the last government owned up to the following figures:
Banking liabilities £1- 1.5 tn
Unfunded public service pensions £0.8-1.2 tn
Unfunded state pensions £1.2tn
PFI £0.2 tn
Guarantees etc £0.5tn
That makes a grand total of £4.6tn to £5.5tn
It all goes to show my £3-4 trillion (which excluded the state pension scheme) was a sensible forecast. The majority of this is the result of the last 13 years.