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public sector net debt ex BoETelegraph
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64% Informative
Chancellor Rachel Reeves has introduced a new definition of public sector debt.
She has included the net pension liabilities of funded’ government pension schemes.
But she has excluded the net pensions of “unfunded” local authority pensions.
There is no case for including local authority but excluding central debt target pensions.
Chancellor can borrow 10bn, 20bn , even 100bn for her wealth fund project, and as long as the money is invested in shares in firms, then it can be counted as financial assets.
But her plan had to conform to an accounting standard to be credible.
IFRS insists that a government financial balance sheet includes both funded and unfunded public sector pension obligations.
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