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.
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
MARGOT JAMES MP has been handed responsibility for overseeing the accountancy profession as part of her brief as the new minister for ... read more