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Government Debt

There is a bit of thrashing around in the media today about the fact that the ONS has deemed banks liabilities to be those of the government where the government controls the bank. (ie has over 50% of the shares).

This really should not surprise anyone. It is also important to note that when the government forecast borrowing they did not include the financing of the bank recapitalisation. This is what gives rise to the main discrepancies between different reported figures.

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