ICAEW responds to the latest public sector finance figures
Friday 20 December 2019. Commenting on the latest public sector finances for November 2019, published today by the Office for National Statistics (ONS), Sumita Shah, ICAEW Regulatory Policy Manger, said:
“This month’s public finance figures are a sobering reminder of the challenging economic environment that faces the new Government as it looks to implement its ambitious legislative programme.
“The increasing gap between receipts and expenditure on public services, already in excess of £50bn so far this year, means that either taxes or borrowing will need to rise if the Government is to further increase levels of investment in public services and infrastructure in February’s Budget.
“With its comfortable majority, the Government will now have the chance to implement change that will ensure public finances are sustainable in the short and long-term, including establishing a new model for adult social care.”
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