The answer might depend on its size. If it’s large enough, for example as incurred by the NHS, then £13.4 billion could be re-classified as “public dividend capital” which, apparently, is an asset.
Think of it as an equity investment in the NHS trusts that invested. Turning revenue expenditure into capital is an old trick and can be subject to criticism but of course it all depends on the circumstances. Please discuss.
jgs 4th April 2020