Though the Office for National Statistics has said the stricken bank will be
on the books, he said including the liabilities in his debt calculations would
‘It would be absolutely bonkers to take account of Northern Rock in relation
to the sustainable investment rule because, frankly, it would mean you would
slash large amounts of public expenditure to accommodate what is a temporary
measure,’ the chancellor said at a hearing last week.
The sustainable investment rule limits government borrowing to 40% of GDP.
Northern Rock was nationalised in February after bids for the business from
Virgin and the Rock’s management team were rejected.
The Office for National Statistics, which is still calculating the precise
extent of the liabilities, has said that it will include the liabilities on
balance sheet from October 2007.
Watch the hearing at
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.