¹Bank of England (formerly Office for National Statistics)

Abstract

This article clarifies the scope of liabilities used to calculate public sector net debt before focussing on the liabilities that are not included. National accounting principles are compared with international accounting standards for governments and businesses. The current public reporting of non-public sector net debt liabilities in the UK is considered, with particular attention being paid to future spending under the private finance initiative, unfunded pension schemes, and government guarantees.