ASI report 'UK PLC: Britain's Debt Time Bomb' gets front page coverage and sweep of national newspapers

The ASI's new report titled 'UK PLC: Britain's Debt Time Bomb' has received excellent coverage across a number of national and regional newspapers, including the front page of The Daily Telegraph:

Every person in Britain would have to pay more than £53,000 to cover the cost of public sector pensions and other unfunded government schemes, a think tank warns. The Adam Smith Institute said the £1.85 trillion "hidden debt time bomb" was "staggering".

The Daily Mirror reported:

The Tories risk bankrupting future generations with a £1.85 trillion "hidden debt time bomb", experts warn. Around £1.3 trillion alone will need to be found to cover the 93% of public sector pensions currently unfunded, the Adam Smith Institute will say today. The think-tank's director Eamonn Butler said: "Home-owners worry about their mortgages and cut back when they are overstretched, but governments don't".

The Metro noted:

Reckless government spending risks bankrupting future generations with hidden debt of £1.85 trillion a think tank has warned. Two thirds of the "crippling" debt is made up of "unsustainable" public sector pensions, according to the Adam Smith Institute, which has accused ministers of disguising the true scale of the problem. 

Overall the real cost of debt to every man, woman and child in the UK is £53,822, according to the institute. Report author Nigel Hawkins said excessive public debt must be cut "or condemn future generations to staggering financial turmoil".

The MailOnline reported:

The Adam Smith Institute's analysis of the Whole of Government Accounts found "crippling'" liabilities of £1.85 trillion on top of the national debt, two thirds of which is made up of "unsustainable" public sector pensions.

Report author Nigel Hawkins said: 'Successive Governments have failed to tackle the relentless increase in public sector pension liabilities, primarily for political reasons.
"Indeed, had leading PLCs, such as British Telecom, acted similarly in letting their already massive liabilities accumulate further, they would have been pilloried.
As a matter of real urgency the Government must vigorously cut these excessive public sector liabilities or condemn future generations to staggering financial turmoil."

The Daily Express reported:

Public sector pensions are a ticking debt bomb with around £1.3trillion needed to cover 93 per cent of the benefits that are currently unfunded, according to a report by the Adam Smith Institute.The state is taking on new liabilities, while disguising the huge debt that could implode for future generations, the think tank claimed after analysis of the Whole of Government Accounts.

It said the actions are both immoral and reckless with crippling liabilities on top of the national debt, two thirds of which is made up of "unsustainable" public sector retirement monies.

And from City AM:

The UK national liability figure, compiling "debts waiting to happen", brings the nation's total debt to £3.45 trillion, according to the Adam Smith Institute. The report warned the liability, which includes £1.3 trillion in public sector pensions, will cost every person in the UK £53,822. 

In addition to public sector pensions, 93 per cent of which the Adam Smith Institute said are unfunded, the report picks out student loans as a major cost. The Adam Smith Institute quotes figures from the Department of Business, Innovation and Skills showing 45 per cent not expected to be repaid.

The report was also featured in print and online across 140 regional titles. 

Read the full DailyTelegraph article here.

Read the full Daily Mirror article here.

Read the full Mail Online article here.

Read the full Daily Express article here.

Read the full City AM article here. 

Read the full report here.