Budget 2012: £28bn of Royal Mail pension assets to pay down national debt A further £37.5 billion of liabilities will be absorbed into the rest of the state pension system and so will not immediately show on the Government books as debt. The £9.5billion deficit - the difference between the two figures - is the same as adding £365 of debt to every British household. The deal was formally cleared by the European Commission on Wednesday morning and will be recorded in Government accounts for the financial year 2012/13. It could see public borrowing dip below the £100 billion mark for the first time in four years, according to analysts. The Commission said relieving the Royal Mail of the pension costs would ensure it did not "suffer from structural disadvantages in comparison with competitors." The Communication Workers Union, which represents blue collar staff in Royal Mail Group and the Post Office, said the move was "good news for postal workers." Billy Hayes, CWU general secretary, said: "We've consistently argued that the Government has a moral obligation to take on the pension deficit, partly as owner of the company and for allowing Royal Mail to take a 13-year contributions holiday."