On December 17 the Office for National Statistics confirmed that Network Rail will be classified as a central government body in the public sector with effect from September 1 (RB1452 p1). This followed a review of the status of NR in the light of the revised European System of National Accounts 2010 which comes into force across the EU from that date. Transport Secretary Patrick McLoughlin welcomed the ONS review, stating that the government 'has always been committed to the transparent reporting of public liabilities'. Reclassification means that NR's net debt of £30bn will appear on the government's balance sheet. According to the Office for Budget Responsibility, on average this will equate to an increase in the Public Sector Net Debt by about 2% of GDP and Public Sector Net Borrowing by 0·2% of GDP.
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