Brexit shock could see balance sheet 'liabilities' hit growth, watchdog warns
The Commons Public Accounts Committee (PAC) said provisions liabilities had increased by 71% and contingent liabilities - possible future financial obligations for the Government - by 85% since 2009-10.
The committee said the Government is increasingly using its credit rating to issue guarantees, and by the end of March 2015 had committed £18 billion to "significant" guarantee schemes against a potential exposure of £100 billion.
"A major economic shock could cause these liabilities to crystallise and the Government's ability to meet these costs would also depend on economic... read more
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