United Kingdom Public Debt Stands at 240% of GDP: Think Tank

The United Kingdom's national debt now stands £3,617 billion ($5,930 billion), according to the latest figures from the Centre for Policy Studies, a center-right think tank.

According to a Reuters report, "The CPS has collated its figures, which include official net debt, public pensions, Private Finance Initiative liabilities and even network rail liabilities, which he claims are hidden liabilities not visible in official figures."

Ryan Bourne, researcher at the Centre for Policy Studies, explained that “With all the focus on deficit reduction, the issue of national debt has largely been ignored. Our updated figures show that the true public sector debt is a shocking 240 percent of GDP (gross domestic product), so large that it is largely beyond comprehension.”

“The full cost of the measures used in the financial crisis that broke in 2008 has now been acknowledged, but it shows that the extent of the UK indebtedness is such that the coalition must be relentless in pursuing deficit reduction. Our figures show that this true figure is roughly the size of the average mortgage,” he added.

The United Kingdom Office for National Statistics has public debt listed at £2,252 billion, or 149.1% of GDP at the end of February.

London's FTSE Index is flat on the day, to 6,054.