Letters with holes.

"The Office for National Statistics said the likely increase in public-sector net debt represented 6.7 per cent of GDR If added to the current level of debt, the total public-sector net debt would rise to 44.4 per cent of GDP--far above the government's self-imposed ceiling of 40 per cent ... This reclassification, therefore, blows a huge hole though the letter of the fiscal rule, which will add to the pressure already on the chancellor for running too lax a budgetary policy."

FT online.