13.07.11
OBR publishes pensions and PFI data
Data published by the Office for Budget Responsibility shows that the country’s total public sector pensions liability has reached £1.13 trillion.
The figure, which accounts for the period to the end of March 2010, is £332bn higher than the previous year, although £260bn of that rise is due to a fall in bond values.
The debate over the affordability of public sector pensions has driven the negotiations over reforming the scheme, which has resulted in industrial action from workers who are having to pay more and retire later than planned.
The OBR report also disclosed that the total liabilities for PFI contracts stand at about £40bn, or 2.9% of GDP, as of March 2010. Only £5.1bn of this amount is on the public sector balance sheet in the National Accounts.
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