Huge economic shock combined with unprecedented fiscal interventions are driving a global and UK fiscal crisis. ICAEW analyses the effect of coronavirus on public finances around the world and on the UK’s public finances in particular.
Coronavirus and the public sector
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.
28 May 2020: huge economic shock combined with unprecedented fiscal interventions are driving a global and UK fiscal crisis.
27 May 2020: fiscal deficit of £62.1bn in April exceeds budget of £55bn for the whole of 2020-21.
21 May 2020: Rea Georgiou, Accountant General of Cyprus, tells ICAEW Insights about the coronavirus measures her country has put in place and how her team worked to minimise disruption to the island nation’s finances.
With most European countries now easing COVID-19 related lockdowns, the EU is taking an active role to deal with the unprecedented impact of the pandemic on economic activity across Europe.
This report provides an outlook for the global economy in the midst of COVID-19 and is produced with ICAEW's partner Oxford Economics, one of the world’s foremost advisory firms. Their analytical tools provide an unparalleled ability to forecast economic trends.
ICAEW comments on the Chancellor's announcement of extension to the Coronavirus Job Retention Scheme
12 May 2020: ICAEW’s Public Sector team outlines five actions the government could take to ensure more equality in the rebuilding of the economy and establish an improved, ‘new normal’ in society.
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A look and what ramifications the pandemic will have on the economy.
Sunday Times economics editor David Smith considers the debt the coronavirus response is creating
Latest data and analysis on coronavirus (COVID-19) in the UK and its effect on the economy and society.
The Bank of England sets out series of measures to help keep firms in business and people in jobs.
Research and analysis from the Institute for Fiscal Studies (IFS) on the effect of the coronavirus on the UK economy and the public finances.
IMF coronavirus hub analysing policy actions being taken by governments around the world.
Guidance and commentary
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.
Press notice: Gilt operations calendar for April-June 2000 and notification of future revision to the 2020-21 financing remit
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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