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Public Sector Debt 'around £2 Trillion'

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http://www.telegraph.co.uk/finance/economics/7884343/Public-sector-debt-around-2-trillion.html

A study by the Institute of Chartered Accountants in England and Wales (ICAEW) and the Centre for Economics and Business Research (CEBR) has revealed that there could be a further £1.13 trillion of liabilities above the current estimate that puts public sector net debt at £932bn.

Researchers said their figure incorporated liabilities that are currently considered to be "off-balance sheet" or not covered in the official national debt measure, such as public private partnerships or private finance initiatives and public sector pensions.

The researchers said that their report illustrated the need for transparency in the public finances and called on the Office for Budget Responsibility to raise awareness of why contingent liabilities are currently not considered part of public sector debt assessments.

Michael Izza, ICAEW chief executive, said: "While there are important debates to be had about specific spending cuts, I believe that meaningful reform is necessary to underpin sustainable public finances over the long term and create a culture of fiscal responsibility."

Charles Davis, managing economist for CEBR, said that public sector pension liabilities were by far the biggest consideration. The Treasury has estimated the public sector pension liabilities to be £770bn.

"Our research draws upon existing publicly available data and previously undertaken analysis to illustrate that the liabilities that are not included in the official public sector net debt figure are large but, in many cases, uncertain," he added.

Wow imagine what doubling the national debt overnight would do...

Our politicians for decades have been lying to the people. Still everyone enjoyed the fraud whilst it lasted.

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http://www.telegraph.co.uk/finance/economics/7884343/Public-sector-debt-around-2-trillion.html

Wow imagine what doubling the national debt overnight would do...

Our politicians for decades have been lying to the people. Still everyone enjoyed the fraud whilst it lasted.

It would be great if we had audited public accounts that we could trust.

A suggestion for the spending challenge website :

http://spendingchallenge.hm-treasury.gov.uk/how-can-we-rethink-public-services-to-deliver-more-for-less/government-financial-reporting-act

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who would do the auditing

PwC, E&Y, KPMG, Moore Stephens etc.

Probably cycle through all of the names on two year contracts.

Who knows, they might even do it from free as a public service.

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Well done, signed.

Thanks.

I have put up seven "ideas" so far. They are mostly things that I have already talked about here.

http://spendingchallenge.hm-treasury.gov.uk/author/LuckyOne

I am a big proponent of more direct democracy. Having an "offical" place to express my views is actually quite liberating and leaves me feeling a bit less frustrated and disgruntled. I know that this is very naive.

Edited by LuckyOne

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how good are they are spotting frauds and off balance sheet financing

can I do it instead of one of the big four

Fair point. Accounting rules and their interpretation sometimes lead to outcomes that interested lay people would find to be a bit silly at best.

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Have you looked at the top ideas and the amount of votes each get? One man and his daily mail reading dog :rolleyes:

The public aren't going to be much help reducing the 2 trillion debt i think

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Fair point. Accounting rules and their interpretation sometimes lead to outcomes that interested lay people would find to be a bit silly at best.

How about not letting one company own another?

When there's a takeover the smaller company disappears.

They can keep the brand and run a separate department if that's important.

There would be only one set of accounts at the end of each year. Would stop the likes of Enron and the Glazers.

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PwC, E&Y, KPMG, Moore Stephens etc.

Probably cycle through all of the names on two year contracts.

Who knows, they might even do it from free as a public service.

They are all as bent as each other (allegedly). E&Y didn't even pick up on Enron shadiness.

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They are all as bent as each other (allegedly). E&Y didn't even pick up on Enron shadiness.

Enron was worse than that. Arthur Anderson actually signed off on all of the transactions which eventually brought Enron down. AA were wiped off the face of the earth (as they should have been).

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How about not letting one company own another?

When there's a takeover the smaller company disappears.

They can keep the brand and run a separate department if that's important.

There would be only one set of accounts at the end of each year. Would stop the likes of Enron and the Glazers.

Post Enron, an attempt was made to tighten up the non-consolidation rules (FIN46 rules etc) but they are still being used to hide the truth. The UK government are using the same sleight of hand as parts of the private sector (mostly banks).

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Have you looked at the top ideas and the amount of votes each get? One man and his daily mail reading dog :rolleyes:

The public aren't going to be much help reducing the 2 trillion debt i think

I am naive and idealistic when it comes to things like this. Just having my say makes me feel a lot better even if only one man and his Daily Mail reading dog, as you put it, could be bothered to read what I have suggested let alone take the time to vote for or against the idea.

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Why dont you put up some kind of message that can be suported on the governments official site to campaign for a proper audit of our finances, if we get a certain number of signatures doesnt it have to be debated in parliament? Try and get some papers behind it and see what happens....

I believe they are e-petitions?

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I am naive and idealistic when it comes to things like this. Just having my say makes me feel a lot better even if only one man and his Daily Mail reading dog, as you put it, could be bothered to read what I have suggested let alone take the time to vote for or against the idea.

true enough, i've just put up two ideas, i feel a atoms weight lifted from my shoulders.

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Anyone reading this and are still for some reason jealous of cushy public sector pensions are beyond hope.

I'm not sure how many indicators are required, until everyone realises that they simply won't be paying out to anyone under the age of 55. Even those over 55 should be getting nervous. Tick tock.

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PwC, E&Y, KPMG, Moore Stephens etc.

Probably cycle through all of the names on two year contracts.

Who knows, they might even do it from free as a public service.

But all they've known for a decade or more was to provide off-balance accounts!

Will prob. blow their braincells (& 'puta/software)

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Anyone reading this and are still for some reason jealous of cushy public sector pensions are beyond hope.

I'm not sure how many indicators are required, until everyone realises that they simply won't be paying out to anyone under the age of 55. Even those over 55 should be getting nervous. Tick tock.

Nobody under 55 - how they suffer !!

Thanks for illustrating the total disconnect public sector workers have.

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Have you looked at the top ideas and the amount of votes each get? One man and his daily mail reading dog :rolleyes:

The public aren't going to be much help reducing the 2 trillion debt i think

This site is f*cking b0llox. One of the most voted for: 'Force cats to spend 1 hour per day on electrical treadmills' and the usual Daily Mail 'bring back national service' rubbish.

FFS, what is the point in all of this if people really can't be bothered to give a cr@p about anything (and TBH, why should they when they are thrown this scrap from the political class). Its pathetic.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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