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Government financial liabilities beyond public sector net debt
Clarifies the scope of liabilities included and not included in the measurement of public sector net debt
Author: Fenella Maitland-Smith
Economic & Labour Market Review, vol 3, no 7, pp 43-50. ISSN: 1751-8334
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.
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