Britain’s net public debt could hit 150% of GDP

Britain’s Office of National Statistics (ONS) put the cost of bailing out the banks into perspective last week when it classified both Lloyds and the Royal Bank of Scotland as public corporations.

21st February, 2009

Britain’s Office of National Statistics (ONS) put the cost of bailing out the banks into perspective last week when it classified both Lloyds and the Royal Bank of Scotland as public corporations.

It added all of their liabilities - estimated at stg£1-1.5trillion (€1.13-1.7 trillion) - to the government’s balance sheet.

The move may simply have formalised taxpayers’ obligations as majority shareholders, but there is no getting away...

Subscribe from just €1 for the first month!

Currency

What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Share this post

Related Stories

The year in review

Newsround: What Thursday’s papers say