The ICAEW offered the Conservatives training in financial literacy when the
party was in opposition.
Michael Izza, CEO of the ICAEW suggested the “shadow team” needed financially
literacy training, at a council meeting held earlier this week.
At the meeting a question was raised over whether the institute could do more
to “clarify” the true state of the public deficit.
Izza said that the ICAEW offered the Conservatives the opportunity to be
included in workshops, conducted by institute members, to increase its financial
“The shadow team are not a financially literate one. We have members in the
Treasury who have offered to run workshops. Historically ministers have been
reluctant to get someone to walk them through [finances]. We are currently
trying to convince them that they need a good understanding,” Izza said.
The ICAEW said that Izza’s comments were referring to the institute’s
manifesto for the general election, in which they extended finance advisory
workshops to all the parties.
“In that manifesto, ICAEW has set out its recommendations for better
management of public finances. We called for higher standards of financial
management within the public sector and also more effective parliamentary
scrutiny of departmental budgets.
“Within this, we made an offer of support to politicians of all parties to
make ICAEW expertise and resources available to improve their skills that would
enable them to do this.”
Izza added that the ICAEW is also planning to speak to FDs in major
government departments on their future priorities over the next four weeks. The
institute hopes to launch the research on 14 June, to coincide with the
anticipated emergency Budget.
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