True level of public debt is £85,610 per household

worldtraveller

At the end of August 2009, the UK’s Public Sector Net Debt (including financial interventions) was £805 billion. This is equivalent to £31,320 for every home in the country, or 57.5% of GDP.

However, the official figures do not take into account the full cost of projects financed through the PFI, nor unfunded public sector pension liabilities, nor contingent liabilities such as Network Rail nor the cost of recent interventions in the financial sector. These hidden liabilities total £1,395 billion (100% of GDP).

The true public debt is therefore £2,200 billion (157% of GDP or £85,610 per household). This is an increase of £346 billion since last year, when the true level of debt was £1,850 billion (127% of GDP).

Centre for Policy Studies (pdf file)

Interesting figures! I've always believed that using "off balance sheet borrowing" is basically a scam, but, when taken into account, which it should of course, it's frankly scarry!

Good luck to us all and future generations! :rolleyes:

thriftybabe

OMG! We have to be declared bankrupt! I am horrified at these figures!

kabayiri

There was a Dr Who episode repeated on telly the other night.

It's the one where Bernard Cribbins says to an incredulous Donna "Dont worry sweetheart, I've heard America is going to send 50bn quid and save us."

Oh how I laughed. To think, in those heady naive days of 2006/2007, we actually believed 50bn was a lot of money!

1984ReturnsForReal_2

Thats without this years expenses...

lynzpower

Interesting figures! I've always believed that using "off balance sheet borrowing" is basically a scam, but, when taken into account, which it should of course, it's frankly scarry!

PFI has always been horryfying.

I cant believe that there is not more outrage on mse.

It seems that posters on here seem to constantly state that the private sector should be taking over the running of out "services" as its some how "cheaper"

Absolutely NO consumer revenge about this on here- i have never understood why

:money:

amcluesent

No government would dare address the systemic problems in western economies. Instead private wealth will be stolen (that's one reason to have gold), money printed, debts increased and assets sold off to keep the Ponzi scheme tottering onwards.

The lucky ones will already be in their box when it all collapses, as it must. The unlucky ones will be scavenging for berries, after the wars.

CLAPTON

amcluesent wrote: »

No government would dare address the systemic problems in western economies. Instead private wealth will be stolen (that's one reason to have gold), money printed, debts increased and assets sold off to keep the Ponzi scheme tottering onwards.

The lucky ones will already be in their box when it all collapses, as it must. The unlucky ones will be scavenging for berries, after the wars.

don't worry too much
global warming will cause total global destruction before the ponzi system collapses.
and if that doesn't happen remember we are currently in a warm spell between ice ages

kabayiri

lynzpower wrote: »

It seems that posters on here seem to constantly state that the private sector should be taking over the running of out "services" as its some how "cheaper"

I have been involved very recently in a biggish project undertaken by a not-for-profit North Western company. It's for the government.

I saw figures for the wage costs of the bulk of the staff, including agency costs. There were some comparitive figures from other regions too.

Believe me. The figures were much cheaper than using government staff. Plus, you can take these temp workers on and let them go easily. There are no annoying things like severance or generous pension entitlement to worry about.

There will be a ready supply of cheap labour for the next few years, thats for sure.

Don't make the mistake of confusing PFI with general transfer of work from public to private. They are 2 different things.

1984ReturnsForReal_2

kabayiri wrote: »

I have been involved very recently in a biggish project undertaken by a not-for-profit North Western company. It's for the government.

I saw figures for the wage costs of the bulk of the staff, including agency costs. There were some comparitive figures from other regions too.

Believe me. The figures were much cheaper than using government staff. Plus, you can take these temp workers on and let them go easily. There are no annoying things like severance or generous pension entitlement to worry about.

There will be a ready supply of cheap labour for the next few years, thats for sure.

Don't make the mistake of confusing PFI with general transfer of work from public to private. They are 2 different things.

Unfortunately your arguement goes out the window when next year or 2011 all agency staff will be entitled to the same pay rate & benefits as permanent staff + they will have the additional profit margin that the agencies will charge on top.

Agency staff will work out more expensive.

andykn

I'm more worried about my "true debt" now. I've got an unfunded liability of council tax for the next 30 years, that's 30 grand, there's my unfunded liability for food, another 75 grand, my unfunded liability for bills, probably another 50 grand.

Add in all the other stuff and I'm a quarter of a million in "true debt"!

Cleaver

amcluesent wrote: »

The unlucky ones will be scavenging for berries

Mrs C is always scavenging for berries. We'll often be driving somewhere and she'll suddenly shout "stop!!". I always have a heart attack as I think I'm about to hit a child, but it's often because she's spotted a berry bush of some kind and we'll have to spend 15 minutes picking them.

However, we end up with some nice homemade muffins, smoothies and various deserts including a rather tasty woodland strudel she often makes.