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...

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