The coronavirus (COVID-19) is driving major changes in the public sector and dramatically affecting public finances. Find out more about what is happening and how it may affect you.
22 September: Physical cash use is declining fast, leaving the fixed cost base for processing cash transactions at risk of stranding. As cards and digital forms of payment become more prevalent, what will happen to those who still need access to cash?
21 September: The National Audit Office COVID-19 cost tracker provides critically important data about the current £210bn cost of the pandemic but disappoints in the way it presents this financial information.
7 September 2020: With autumn in the air, ICAEW Head of European Affairs Susanna Di Feliciantonio takes a closer look at some of the key items on the EU’s agenda for the rest of the year.
7 September2020: Initial estimates have found coronavirus-related fraud could end up costing the taxpayer £4bn.
4 September: Local authorities are struggling to balance the books in the wake of COVID-19, as the gap between income and expenditure widens.
3 September 2020: Worldwide economic activity will see a strong rebound in the latter part of 2020, but according to leading economists this masks underlying issues for the long-term recovery, with global trade particularly in the spotlight.
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Accountants have a vital role to play in representing risks on balance sheet to investors, writes Will Oulton, Global Head Responsible Investment, at First State Investments.
Anita Monteith and Alison Ring explain the Chancellor’s power to override normal spending rules to authorise key recovery measures.
28 August: Since 2009, the UK has struggled with a slowdown in the progress of productivity. ICAEW Insights examines the causes of this ‘productivity puzzle’ and looks at how the government could tackle this in its COVID-19 rebuilding programme.
Friday 21 August 2020: Commenting on the latest public sector finances for July 2020, published today by the Office for National Statistics (ONS), Alison Ring, ICAEW Public Sector Director, said:
Government Stimulus tracker created by KPMG providing an overview of government measures and economic aid packages around the world in response to COVID-19. Summaries are given for each country or jurisdiction with general information, tax measures, economic stimulus measures, employment-related measures, customs measures, and other aid.
The Bank of England sets out series of measures to help keep firms in business and people in jobs.
Latest data and analysis on coronavirus (COVID-19) in the UK and its effect on the economy and society.
IMF coronavirus hub analysing policy actions being taken by governments around the world.
Research and analysis from the Institute for Fiscal Studies (IFS) on the effect of the coronavirus on the UK economy and the public finances.
A Q&A issued by the International Public Sector Accounting Standards Board (IPSASB) highlighting the financial reporting issues associated with government responses to the coronavirus, the relevant IPSAS and other existing guidance.
Coronavirus sparks record drop in public sector procurement deals. According to a report by Tussell 1,832 new invitations to tender were published – a decrease of 30% on February and a 20% drop on the same period in 2019.
Research briefing looking at the effect of the coronavirus and policy responses on the UK economy and public finances.
The Resolution Foundation asks what policymakers can learn from past viral outbreaks.
Finance departments in local government may need an extended deadline by which to prepare accounts for 2019/20.
IFS reports that wage subsidies during the COVID-19 emergency could cost £10bn or more.
HM Treasury announces that it is not currently accepting further submissions, and will announce further plans in due course.
Alex Chisolm appointed as the new Permanent Secretary for the Cabinet Office and Chief Operating Officer for the Civil Service at a critical time.
Economic and business response committee meets to discuss COVID-19.
Announcement of a proposal to suspend the current code of accounting practice for local authorities and replace it with a requirement for a more simplified set of financial statements. There will be an update about the new requirement in early April.
The United States GASB is consulting on postponing effective dates for implementing new accounting pronouncements (including SGAS 84 ‘Fiduciary Activities’ and SGAS 87 ‘Leases’) in the context of the coronavirus outbreak in the US.
Local Government Association welcomes £500m Council Tax hardship funding.
Debt Management Office brings gilt auction forward and confirms that the 2020-21 financing remit will be revised in late April.
£200bn in additional Quantitative Easing (QE) authorised by the Chancellor of the Exchequer.
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