In November 2008, the Institute of Economic Affairs published Nick Silver’s A Bankruptcy Foretold: The UK’s Implicit Pension Debt (PDF), which argued that if the UK’s debt is calculated in line with generally-accepted accounting principles, it is something over £4 trillion. In June this year, an update was published, putting the full scale of the British state’s liabilities at £4.8 trillion, which is around 333% of GDP or £78,000 per person. For comparison, the Budget Red Book (page 2) forecasts […]

Tags: ASI, debt, Durkin, economics, IEA, Media