A change to the way public sector debt is calculated will increase Britain’s liabilities by £113 billion, according to reports by the Reuters news agency.

The country is in the red to the tune of more than £1 trillion and is currently adding to the debt pile by more than £100 billion every year.

That’s despite public sector cuts and a pledge by the government to bring the UK’s rampant borrowing under control.

The Office of National Statistics said the new accounting would go live in September this year.