By James Mackenzie Smith, Neil Record; Edited by Lawrence Kay

A new report from Policy Exchange today reveals the true extent of the public sector pension debt, which until now has been kept hidden and out of official figures. The cost of these schemes is much larger even the publicly acknowledged national debt.

Taken into account with net public sector debt, this second national debt brings the total the Government owes to £1.854 trillion, or 150 per cent of GDP.