Author: Brooks Newmark MP
Publication date: 19 October 2009
Brooks Newmark MP argues that the true state of the nation's finances is far worse than the Government's official figures and that the actual size of public sector Net Debt is £2,220billion rather than the £825billion stated by the Government. He claims the reason for this discrepancy is the failure of the Government to factor in debts caused by PFI projects, unfunded public sector pension liabilities, contingent liabilities such as Network Rail and the state intervention arising from the banking crisis. The report suggests it is time for an independent audit of the Government's books.