ONS in warning over Northern Rock debt burden
NORTHERN Rock's nationalisation has added more than £92 billion to public debt and breached the Treasury's sustainable investment rule, according to official estimates.
The Office for National Statistics today said it needs more time to assess the full impact, but suggested the move - as well as the full inclusion of the Bank of England in the figures - put the UK's net debt at 43.1 per cent of GDP in March.
This is above the 40 per cent ceiling dictated by the Treasury rule, although Chancellor Alistair Darling has said any impact on the public finances will be "temporary and exceptional". The underlying measure stood at 36.7 per cent in March.
The ONS added that it was "not possible to give a firm date" on its final calculations of Northern Rock's impact due to the time taken to gather and check information from the lender.
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Last Updated:
21 May 2008 10:23 AM
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Source:
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Location:
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