The move, which comes amid an argument over Northern Rock’s liabilities
appearing on the government’s books, is likely to provoke another political row
about the projects, especially as Alistair Darling himself has been so critical
of private sector off-balance sheet structures.
Government departments are resisting moves to switch to international
accounting standards over fears of capital charges, a source familiar with
government accounting said. ‘Government departments would incur a capital charge
of 3.5% for bringing debt on to the balance sheet… which explains why
departments would have a vested interest in keeping stuff off the balance sheet,
unless the Treasury changes that rule.
They’re going to wriggle and squirm so as to not play by the same rules as
those in the private sector.’
On 1 April, all government departments must make the change to IFRS. The
Department of Health and the Ministry of Defence have admitted they will miss
Speaking in the House of Commons minutes after triggering Article 50, prime minister Theresa May said that it was a 'historic moment from which there can be no turning back'
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals