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ICAEW calls for improved financial management in government

Tuesday 22 May 2018, Commenting on the Public Sector Finances for April 2018, published today by the ONS, Ross Campbell, ICAEW Public Sector Director, said:

“The UK economy is following a gradual upward trend, with figures for April once again picking up which is in line with predictions that this would continue throughout 2018. The Government needs to err on the side of caution however, with Brexit plans progressing but no deal in place, the economic and political future remains uncertain.

“National deficit is lower than predicted, but this is still borrowing rather than a surplus and the debt figure continues to climb to £1.77 trillion or roughly 2.35 times annual government revenues. So although progress is being made, there is still a long way to go before the national debt is cleared completely. 

“Government spending on services such as education, transport and health is continually costing more than expected and so aside from simply cutting Phillip Hammond needs to focus on improving financial management to ensure that departmental spending forecasts are actually achieved.”

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