Britain's politicians have spent years misleading the public about the country's finances. How much do we truly owe?

Bankrupt State lays bare the full extent of Britain's financial obligations, from the £3 trillion of official government debt to the even larger liabilities and long-term commitments that rarely feature in public debate. The UK has been living beyond its means for fifty years, squandering North Sea oil, selling its assets for short-term gain and maxing out on official borrowing to stay afloat. The result is a total obligation that now stands at some £12 trillion – a figure which includes the costs of nuclear decommissioning, medical negligence awards and, largest of all, an estimated £7 trillion in State Pension commitments. Moreover, the civil servants and politicians who could make changes are personally incentivised to maintain the status quo.

Based on startling new research, obtained by combing through government accounts and, where necessary, diligently reproducing its methods, Angus Hanton reveals the hair-raising reality of decades of financial mismanagement – and what it will take to weather the coming crisis.