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Northern Rock

Volume 470: debated on Friday 25 January 2008

To ask the Chancellor of the Exchequer what the Government’s estimate is of the impact on the measurement of national debt of the latest package of guarantees for Northern Rock plc; and how it will be accounted for in the published accounts of the national finances. (181989)

Guarantees are contingent liabilities, and will be recorded as such in the Treasury’s accounts. Contingent liabilities only impact on public sector net debt if they become actual liabilities.