UK public sector's £4trillion 'hidden' debt
The UK's public sector debt could be nearly £4trillion higher than headline figures suggest.
The Office for National Statistics (ONS) released a study revealing that the public purse could be faced with £4.84trillion of liabilities compared with the current public sector net debt figure of £903billion.
David Hobbs of the ONS called the public sector balance sheet an "open-ended concept".
He outlined liabilities that are considered to be "off-balance sheet" or not covered in official debt measures:
* Government stakes in RBS and Lloyds Banking Group could add another £1trillion to £1.5trillion;
* Unfunded public service pension obligations could account for a further £770billion to £1.2trillion;
* Unfunded state pension schemes amounted to between £1.17trillion and £1.35trillion.
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