A week ago, we blogged on how Gordo had borrowed £55,000 on your behalf. And the same amount on behalf of every household in Britain.
It now turns out we were behind the curve. The current total for your share of taxpayer debt is £70,000.
Here's how it breaks down, starting with overall government (ie taxpayer) liabilities:
- Public Sector Net Debt: £455.8bn (see Budget Report , table C4; PSND is the officially declared National Debt, and is projected to rise to £619bn by 2010/11)
- Unfunded public pensions: £960bn (Watson Wyatt calculation- see this blog)
- Private Finance Initiative liabilities: £65bn (year-old estimate, probably now understated- will be recalculated)
- Nuclear decommissioning: £160bn (independent estimate- see this blog)
- Network Rail debt: £20bn (only Enron accounting keeps it off the formal government balance sheet)
That totals £1,660.8bn, or nearly £1.7 trillion. That's an increase of 30% since last year's calculation, and is now one-third bigger than our entire GDP.
And split 24.5 million ways, that's 70 grand apiece.
PS Historic National Debt stats are available here. As you can see from the following chart, from a debt perspective, it was a seriously bad idea to fight the two World Wars. But apart from that, debt at 130% of GDP is pretty well an all-time high: