breaking Gordon Brown’s ‘sustainable investment’ rule imposed since 1997.
But the Office for National Statistics maintains it cannot judge whether the
‘indicative figure’ of £90.7 billion, which takes debt ‘to the range of 43 or
44%’ would break the rule.
Speaking before a cross-party select committee today, ONS public accounts
adviser Martin Kellaway said: ‘Whether the rule is broken or not is not my
judgment. We’re just producing the statistics. It’s the Treasury that has
responsibility on whether the fiscal rules are met or not.’
Northern Rock’s inclusion in government debt is set to add £100bn to net debt
of £514bn, which is also 35.9% of GDP.
Kellaway and executive director at ONS, Colin Mowl, also admitted that
Treasury had not consulted their office on how Northern Rock’s debt would be
treated in the Budget next week, but admitted a ‘discussion’ had been held with
a Treasury member over the phone over publishing a set of figures with and
without Northern Rock’s figures.
"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
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed