Stat of the day: £1.1trn

The total cost of public-sector pension liabilities.

Last Updated: 09 Oct 2013
The cost of public sector pensions to the UK taxpayer has hit a new high: pension liabilities reached £1.1trn last year, according to official figures. That’s a steep rise from the year before, when the figure was a mere £770bn. What’s more, it’s on top of Britain’s official debt figure (nearly £1trn): apparently, pension funding isn’t counted as a debt by the Government.   

The UK debt pile keeps growing: the cost of Private Finance Initiatives, responsible for building new schools and hospitals, is likely to be far higher than the £5bn figure previously given, with some suggesting it could be as high as £40bn. Ouch. The Coalition is likely to conclude that Britain’s public sector pension funding is unsustainable, but comes as unions prepare for more strikes later in the year over pension cuts. This could go on for a while…

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