Fiddled Figures Hide Debt Black Hole

Black Hole BudgetGordon Brown claims that because UK debt levels are lower than other European countries he can run Greek-style deficits. This ignores all the debts that the taxpayer is on the hook for even if they are off the books.  Local government pensions are just one example: Bloomberg is reporting that English local councils’ pension plans are underfunded by £65 billion – all off the books making it look as if the UK has lower debts than it really has.

Andrew Clare, professor of asset management at Cass Business School in London, has published research today confirming widely held fears, “Pension provision is one of the most pressing issues of our time … Unless drastic reform takes place, the black hole in this scheme will have to be funded by the underlying sponsor: the British taxpayer.”

Guido asked Gordon Brown (video above) about this very point back in October 2008, his disingenuous monotone answer is here.  The national debt figures have been fiddled to also ignore the billions in PFI deals that are off the books but for which the taxpayer is on the hook. Not very credible to claim we have low national debt is it?




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Recently unresigned Sarah Champion on Corbyn:

“Jeremys [sic] position is no longer tenable if we’re to be effective”

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Trump 5% Ahead of Clinton Trump 5% Ahead of Clinton
LILY COLE FRONTS BBC “CEO SECRETS” SERIES AFTER RUNNING COMPANY INTO GROUND LILY COLE FRONTS BBC “CEO SECRETS” SERIES AFTER RUNNING COMPANY INTO GROUND
Guardian Media Group’s Losses Total £173 Million Guardian Media Group’s Losses Total £173 Million
MCGINN WHIPPED LABOUR MPS TO “KEEP UP THE PRESSURE ON JC” MCGINN WHIPPED LABOUR MPS TO “KEEP UP THE PRESSURE ON JC”
VICTORIA’S SECRET LINGERIE AND 5 STAR HOTELS: WELSH GOVT’S £7.5 MILLION CREDIT CARD SPEND VICTORIA’S SECRET LINGERIE AND 5 STAR HOTELS: WELSH GOVT’S £7.5 MILLION CREDIT CARD SPEND
OWEN SMITH HIRES TOP PFIZER LOBBYIST TO RUN CAMPAIGN OWEN SMITH HIRES TOP PFIZER LOBBYIST TO RUN CAMPAIGN
HAMMOND FIBS AND SAUDI SLAVERY SLIPPED OUT ON DUMPING DAY HAMMOND FIBS AND SAUDI SLAVERY SLIPPED OUT ON DUMPING DAY
MATTHEW ELLIOTT ON WHY LEAVE WON MATTHEW ELLIOTT ON WHY LEAVE WON
OSBORNE GIVEN “SH*T” ROOM WITH NO VIEW OSBORNE GIVEN “SH*T” ROOM WITH NO VIEW
5,000,000 SIGNATURES: FEW POLICY CHANGES 5,000,000 SIGNATURES: FEW POLICY CHANGES
CORBYNISTAS USED CODE TO HIDE CASH-FOR-VOTES PLOT CORBYNISTAS USED CODE TO HIDE CASH-FOR-VOTES PLOT
First Lady Michelle Obama Carpool Karaoke First Lady Michelle Obama Carpool Karaoke
PMQ’s Sketch PMQ’s Sketch
How to Reach Westminster Politicians How to Reach Westminster Politicians
OWEN SMITH’S 999 EMERGENCY OWEN SMITH’S 999 EMERGENCY
MELANIA BORROWS FROM MICHELLE MELANIA BORROWS FROM MICHELLE
MAY: I WOULD PRESS NUCLEAR BUTTON MAY: I WOULD PRESS NUCLEAR BUTTON
New Uber Rival Tries to Get Unions Onside New Uber Rival Tries to Get Unions Onside
SMITH’S £200 BILION “NEW DEAL” PLEDGE BUSTED BY MCDONNELL SMITH’S £200 BILION “NEW DEAL” PLEDGE BUSTED BY MCDONNELL