According to the Office of National Statistics (ONS) the UK’s total debt is £127 billion more than previously thought. To meet European accounting rules the UK government has been forced to revise the way they calculate the nation’s debt.

Taking into account the new accountancy rules the UK’s government total debt is £1.4 trillion. The annual deficit for 2014 is expected to be around £99 billion, which is £5 billion higher than previously forecasted.

The national debt is now higher because the ONS must include the cost for bailing out the banking industry in 2008 and the costs involved with quantitative easing. Under the new EU rules Network Rail is classified as part of government rather than the private sector. National Rail liabilities amount to £33 billion which is equivalent to the total Gross National Product of Uruguay.

If the National debt is divided by the number of UK taxpayers each taxpayer is on the hook for £40,110.