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Turns out Britain is £490 billion poorer than everyone thought

Mirror logo Mirror 16/10/2017 Mikey Smith
Credits: PA © Provided by Trinity Mirror Shared Services Limited Credits: PA

Britain is £490 billion poorer than everyone thought.

The Office for National Statistics has revised its assessment of the country's accounts, and decided Britain has overestimated its international assets.

And we owe far more to foreign investors than previously thought.

Overall it amounts a quarter of the UK's Gross Domestic Product.

It comes just six weeks ahead of Philip Hammond's first Autumn budget - and Treasury officials are reportedly braced for "gloomy" forecasts.

Related: Dig for Brexit? Britain will 'grow more food' if food prices rise after Brexit, says minister

The ONS says the UK's stock of wealth - much of which is in international investments - has collapsed from a surplus of £469 billion to a net deficit of £22 billion.

"Half a trillion pounds has gone missing," Mark Capleton, the UK rates strategist at Bank of America told the Telegraph.

Watch: Barclays sees 'tough times ahead' for UK economy (Bloomberg)

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