UK statistics agency says accounting change may add £82 billion to debt
LONDON (Reuters) - Britain's statistics agency proposed revamping what is included in the government's headline public finances measure on Tuesday, in a move that could add 82 billion pounds to the main measure of public debt.
The Office for National Statistics said its measures of public sector net borrowing and debt excluding financial sector interventions were "no longer fit for purpose" and should be replaced by measures that just exclude public sector banks.
The new measure would be 82 billion pounds higher than the existing one as government shares in Royal Bank of Scotland and Lloyds Banking Group would no longer be deemed liquid assets as well as changes to the treatment of the Bank of England's Asset Purchase Facility, the ONS said.
Britain's public sector net debt, excluding financial sector interventions, stood at 1.207 trillion pounds at the end of October 2013, equivalent to 75.4 percent of gross domestic product.
(Reporting by David Milliken; Editing by John Stonestreet)
