Tuesday 21 August 2018, Commenting on the Public Sector Finances for July 2018 published today by the ONS, Ross Campbell, ICAEW Public Sector Director, said:
“The continued growth throughout July is in line with projected forecasts for 2018. However, when the government comes back from the summer in September there will be a lot to do. The publication of the 2018 Fiscal Sustainability Report by the Office from Budget Responsibility has made clear that the public sector finances are not sustainable over the long run and with interest rates rising the prospect for the government being able to meet its obligations does not appear promising. Alongside this, there is economic uncertainty and increasing pressure on the Government to strike a deal with the EU over the ever-looming exit.
“The UK state is like a just-about-managing household, struggling to pay the rising bills for public services and with nothing put by for emergencies. The Chancellor must start focusing more on the long-term to ensure that public sector finances are put on a sustainable footing.”
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