Euromoney wrote last year about the rise of invisible debt. Governments have been piling up contingent liabilities that they can keep off-balance sheet in order to hit budget targets, buoy credit ratings or simply hide the measure of overall indebtedness from the public eye. A popular example of this is the funding of infrastructure through public private partnerships.
The UK’s public-sector debt is estimated to be about £1.83 trillion. This represents one of the highest debt-to-GDP ratios among advanced economies.
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