The Institute for Fiscal Studies reports that local authority finances are faring better than predicted – however, topline numbers mask significant variations, with smaller councils bearing the brunt of spending increases.
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.
An overhaul of the EU’s fiscal framework is underway as the European Union looks to adapt its economic governance rules to post-pandemic life, in what is likely to lead to some of this year’s most significant and politically-charged debates.
Our first chart of 2022 highlights how the cost of government borrowing remains extremely low for most of the 21 largest economies in the world, despite the huge expansion in public debt driven by the pandemic.
Highlights from the broader tax news for the three-week period ending 5 January 2022, including: an increase to late payment interest rates; the Welsh Budget; the Spring Statement date; refunds of VAT for businesses established outside the UK; COVID easements for heritage assets; and updated IHT forms.
The impact of COVID-19 continues to cast a shadow over the UK tax system, says Head of Tax Faculty Frank Haskew as he takes a look back at the previous year and predicts what is in store for the months ahead.
While November’s deficit of £17.4bn is in line with expectations, public sector net debt is up by more than half a trillion pounds since the start of the pandemic and as a proportion of GDP, debt is the highest it has been since March 1963.
Our chart this week is on Bounce Back Loans, one of the principal sources of financial support for businesses during the first year of the pandemic and the subject of a recent investigation by the National Audit Office.
The cost of fraud in COVID-19 business support scheme grants is estimated at £1bn but the NAO has warned that the total could be even higher amid data quality and assurance concerns.
The UK tax authority’s Futures team monitors trends in the economy and society that could have an impact on government revenues and tax administration.
At the end of last year, there were 95 active sovereign wealth funds managing a combined $9trn of assets worldwide – an 8% increase on 2019. They make large investments in tech, services and life sciences, and they’re UK targeting trophy assets. David Prosser reports.
The Bank of England sets out series of measures to help keep firms in business and people in jobs.
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.
Research and analysis from the Institute for Fiscal Studies (IFS) on the effect of the coronavirus on the UK economy and the public finances.
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.
Guidance and commentary
Regularly updated information and analysis of UK government coronavirus contracts and spending. It covers value of contracts awarded, contract awards by level of government, and top suppliers.
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.
Research briefing looking at the effect of the coronavirus and policy responses on the UK economy and public finances.
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