Well, this took a while.
The Office for National Statistics and HM Treasury jointly publishes monthly estimates of the Public Sector Finances (PSF). The PSF release published on the 25 January 2011 included, for the first time, complete data for the Lloyds Banking Group (LBG) and the Royal Bank of Scotland (RBS).
The classification of RBS and LBG to the public sector has a significant impact on public sector finance statistics. This article summarises the sources that are being used to incorporate these two banking groups, and the other public sector banks, into the PSF dataset. Explanatory notes describe in more detail how the information has been put together and contain important qualifications of which users need to be aware when analysing and interpreting the results.
Welcome, RBS and Lloyds, to the PSF figures. Your stablemates include other bailed-out British banks like Northern Rock and Bradford & Bingley.
According to the ONS, Lloyds and RBS will add some £1,300bn to the level of public sector net debt, which is rather more than the £130bn the Croc and B&B added.
So a big welcome, also, for the new British debt-to-GDP figures:
and at the end of December 2010:
• net debt of £2,322.7 billion including interventions, equivalent to 154.9 per cent of gross domestic product
• net debt of £889.1 billion excluding interventions, equivalent to 59.3 per cent of gross domestic product
HM banks ad infinitum – FT Alphaville
Bailed-out bank stakes cost UK £3.2bn a year, JP Morgan says – FT Alphaville