MOVING THE LIABILITIES of Bradford & Bingley and Northern Rock onto the government’s books are among three one-off factors that have affected the government accounts, chancellor George Osborne said during the Autumn Statement.
Addressing parliament, Osborne said the government had decided to bring the failures of Bradford & Bingley and Northern Rock onto the government balance sheet, adding £70bn to the national deficit.
Other one-off factors cited by Osborne were the transfer of the Royal Mail pension scheme to the private sector, which gives the Treasury accounts £28bn this year but adds to the deficit in the future, and the transfer of excess cash from the Bank of England’s asset purchasing scheme to the exchequer.
MARGOT JAMES MP has been handed responsibility for overseeing the accountancy profession as part of her brief as the new minister for ... read more
MPs should be given the right to veto the appointment or dismissal of the senior leadership of the Office of Tax Simplification, the influential Treasury Select Committee has said
Brexit is creating jobs but in all the wrong departments, muses Colin
The current business rates system is over-complex and reform is needed, but reforms should focus first of all on simplifying the appeals process, particularly for businesses which are subject to business rates exemption