Publication of an audit consolidating all public sector finances for the first time has been welcomed as a ‘landmark' event which could bolster government attempts to prevent the UK becoming enmeshed in a sovereign debt crisis.

Released when the chancellor, George Osborne, delivered his Autumn Statement last week, the Whole of Government Accounts (WGA) for 2009/10 constitute the most comprehensive audit of UK government expenditure and revenue, assets and liabilities.