You're wrong Osborne! UK deficit at £185bn, not £90bn

The UK’s deficit is actually more than double the £90bn figure George Osborne has been using, according to MPs.

The Public Accounts Committee, which oversees government expenditure, has warned the figure widely used by the Chancellor and other MPs doesn’t include most of government spending.

The difference between what we’re spending and what we’re bringing in as a nation is actually £185bn, according to the committee, not the £90bn figure touted around.

Chair of the committee, Margaret Hodge welcomed the report but said it was “hard to understand why the government debt and deficit highlighted in the whole government accounts differ from those reported in the ONS’s national accounts. According to the former document, compiled on the basis of well-understood accounting standards, the UK’s in-year deficit for 2011-12 was £185bn. The national accounts used by the Chancellor put the figure at £90bn.”

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