Annual Government borrowing. is measured through:
- PSNCR (used to be called PSBR),
- Cumulative public sector current account, and
- government deficit.
- Public sector net Debt
- Public sector net Borrowing (similar to net debt, but with different accounting rules)
- National debt. People often refer to public sector net debt as the National debt. However, the national debt is a statistic that is no longer produced. It used to focus on the gross liabilities of the National Loans Fund (whatever that was).
- Government gross general borrowing (ignores net assets and government corporations) and is used on an EU wide scale.
- Then on top of that the issue with public sector debt is the extent to which we include imputed debt like PFI and Bank liabilities from privatised banks
- We have public sector debt with bank capitalisations included and we have public sector debt without banking liabilities.
- We also have the issue of how much liabilities we should include from bank nationalisations and loan guarantees.
- Then we have some people who think we should include future pension contributions in public sector liabilities.
- Looking through the government statistics pages, I really found it quite confusing. Everywhere I looked they seemed to be using different terminology for government borrowing. I've spent 2-3 hours reading through this.
- When I teach A Level economics my main concern is trying to prevent students get confused between government borrowing and the current account deficit.
Of course, US statistics are different as well.
O well, I'm sure this will make for a nice relaxing Sunday morning read!