WGPlus (Archive)

Makes Osborne’s ‘Brexit makes every household £4,300 worse off’ seem piddling

The government’s total liabilities, better understood as ‘debts waiting to happen’, are even larger than its mammoth public debt at £1.85tn, according to a new investigative paper from the Adam Smith Institute.  This is on top of the national debt and the ASI warns that feckless government risks burdening our grandchildren with a mammoth public pensions bill.

  • National liabilities of £1.85tn out-strip the national debt by £250bn but are concealed by government
  • Two-thirds of national liabilities made up of unsustainable public sector pensions
  • 93% of public sector pensions currently unfunded, with no government money put aside to pay £1.3tn of inevitable debt
  • 45% of student loans predicted to be a write-off by Department of Business, Innovation & Skills, forcing the taxpayer to fund vanity degrees
  • Real cost of debt to every man, woman and child in the UK £53,822 each
Researched Links:

Adam Smith Inst:  Britain at risk from hidden debt time bomb

The UK National Debt Clock 2016 Counter

Chancellor announces £4½bn of measures to bring down debt

Think tank warns of £40bn worth of additional cuts over next 50 years

Government to sell off mortgage-style student loan book

NIESR: Public sector workers take different hits from Pension Reforms

IFS:  The UK coalition government’s record, and challenges for the future

Design flaws in the Government’s fiscal framework and surplus target

ASI:  Chancellor should follow RBS sell-off with £40bn in state privatizations

IFS:  Public service spending: more cuts to come

CSJ:  Household debt grows for 26th consecutive month, reaching £1.47tn

IFS:  Uncertainty over size & shape of painful measures to follow election

IEA:  Politicians must be honest about the scale of the UK's debt challenge

IEA:  Government spending would have to fall by 25% to meet debt target

IEA:  Reviving contracting out of pensions will boost financial security in retirement

PX:  Pay down the debt or risk future tax rises & public spending cuts, warns think tank

DEMOS:  Young people bearing the brunt of Britain’s debt

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