Big government is supposed to be dead – the victim of Ministers’ determination to get ‘more for less’ from a leaner, keener public sector. But an investigation by Financial Mail reveals that taxpayers could face an even bigger bill than expected as the ‘shadow’ public sector balloons. On top of the usual public borrowing and shareholdings in rescued banks, the taxpayer could be at risk for an astonishing £612billion as the Government indulges in an orgy of loan guarantees, incentive schemes, public-private initiatives and outsourcing contracts – all hidden off the balance sheet. Even before last week’s dreadful growth figures, there was evidence that the Coalition’s boast of squeezing the public sector for greater efficiency was not all it seemed and that the Chancellor was indulging in off balance sheet wheezes in an attempt to stimulate the economy. ‘Government accounts are at present produced on a basis that would attract criminal sanctions in the private sector,’ said Terry Smith, chief executive of City broker Tullet Prebon, who added that the balance sheet should reflect all future liabilities. ‘This would, let’s hope, stop politicians making promises for which the bills only fall due long after they have left office.’....Read more here: Revealed: The £612bn debts the Government has hidden