The ONS has decided to include billions of pounds of Private Finance Initiative capital expenditure in the UK’s net debt figures.
The classification change, which affects only the inital capital outlay of a PFI deal and not ongoing payments, will mean the Treasury’s forecast for public sector net debt as a share of GDP will rise closer to the chancellor’s limit of 40%.
It may also mean fewer PFI deals in future, as there is now no accounting advantage for government in tendering out to PFI contractors, the FT says.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements