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Tory MP: Debt bombshell as UK is 2.2trillion in red

UK households should brace themselves for a debt &ldquo;bombshell&rdquo;, Conservative MP Brooks Newmark is set to say today, ahead of tomorrow&rsquo;s official update on government debt levels.<br /><br />The ONS&rsquo; current estimate of &pound;805bn of debt misses out key data, he argues in a report for the Centre for Policy Studies, claiming the true level of government debt stands at &pound;2.2 trillion &ndash; or &pound;85,610 per household<br /><br />Official figures fail to take into account &pound;1.4 trillion of liabilities and extra costs, Newmark says.<br /><br />Newmark says the official figures do not take into account the full cost of projects financed through PFI (&pound;139bn); unfunded public sector pension liabilities (&pound;1.104bn); contingent liabilities such as Network Rail and interventions in the financial sector.