| Title:
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HM TREASURY
WHOLE OF GOVERNMENT ACCOUNTS 2010-11, THIRTY-SEVENTH REPORT OF SESSION 2012-13, REPORT, TOGETHER WITH FORMAL MINUTES, ORAL AND WRITTEN EVIDENCE |
| By: |
Great Britain: Parliament: House of Commons: Committee of Public Accounts, Margaret Hodge |
| Format: |
Paperback |
| List price:
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£10.00 |
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| ISBN 10: |
0215055624 |
| ISBN 13: |
9780215055620 |
| Publisher: |
TSO |
| Pub. date: |
11 April, 2013 |
| Series: |
House of Commons Papers |
| Pages: |
37 |
| Synopsis: |
The Whole of Government Accounts (WGA) provides the most complete picture available of government's total finances. This is the second WGA and the first to have comparative data from the previous year.The WGA shows that the annual deficit was GBP94.4 billion in 2010-11, a reduction of GBP68.3 billion from the GBP162.7 billion deficit in 2009-10. However, the 2010-11 accounts include a gain of GBP126 billion from an assumed reduction in the public sector pension liability as a result of the Government's decision to change the measure of inflation used to uprate payments to pensioners from the Retail Price Index to the Consumer Price Index with effect from 1 April 2011. Without this change, the deficit for 2010-11 would have been GBP220.4 billion.The WGA has potential to help the Treasury to manage the public finances more effectively but that it does not have a clear plan to realise that potential or improve the quality and timeliness of the WGA to improve its usefulness.More needs to be done to make the accounts easier to understand. Also information sufficient for a detailed analysis by region or by category of spend would make the WGA more useful.The 2010-11 WGA includes the Bank of England for the first time, but it still does not include all bodies owned and controlled by government, leading to an accountability gap. The Treasury could not provide a convincing explanation for the on-going exclusion of organisations such as the Royal Bank of Scotland, Lloyds Banking Group and Network Rail from the WGA which, under normal accounting rules, should be included. |
| Publication: |
UK |
| Imprint: |
TSO |
| Returns: |
Non-returnable |