Yes, the government is deep in debt. But how deep? The Treasury says about £893 billion, equivalent to 62% of GDP, the amount we earn each year. Even with the promised cuts it will reach 75% of GDP in five years’ time.
That isn’t the half of it; not even a quarter of it. The government owes five or six times more than it lets on. Like the iceberg, its IOUs to lenders are just the part you can see. Far bigger are all those IOUs it has given us on our future pensions and medical bills — promises that keep growing as the population ages.