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Public sector ''may have trillions in debts''

16 July 2010
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Public sector ''may have trillions in debts''The level of debt within the UK''s public sector could be as high as £4.84 trillion, a new report has estimated.

Written by the Office for National Statistics (ONS), the study indicated such liabilities could be considerably higher than government data, which places the country''s borrowings at £903 billion.

If this shortfall exists, it could mean additional work for operations management experts within the public sector, as the level of debt could be as high as £65,000 per person in the country.

Potential liabilities in addition to those already identified include pension obligations, stakes in UK banks, nuclear decommissioning costs and those linked to private finance initiatives, which have been compared by the ONS with the estimated value of state assets.

In order to address the nation''s high budget deficit, around 600,000 jobs are expected to be lost from the public sector by 2016, according to recent figures published by the Office for Budget Responsibility.ADNFCR-3058-ID-19893692-ADNFCR
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