23 October 2020: The gap between spending and receipts widened to £208bn in the half-year to September 2020, significantly greater than the £80bn in the first half of 2009-10 at the height of the financial crisis.
Which emergency COVD-19 initiatives have been implemented by national governments around the world and what are their impacts?
Don't miss out on our daily summary of the actions governments are taking to combat the impact of the virus on their populations and the global economy. We also produce daily summaries of the actions that regulators are taking and how global business and markets are recovering from the pandemic.
16 October 2020: The Institute for Fiscal Studies annual pre-Budget report forecasts a doubling to £1.5tn in the amount of debt to be raised by the UK Government over the next five years.
Recently published figures show that the Government burnt through £224bn in the five months to August 2020. This should not stand in the way of an investment-led economic recovery, according to ICAEW’s Public Sector team.
25 September: Rishi Sunak has unveiled a range of measures to stave off the threat of mass unemployment, including a new Job Support Scheme
9 September: £35bn of potential bad debt is being quietly fought over between Whitehall and the City once loans start maturing after March 2021, writes Financial Services Faculty commissioning editor Brian Cantwell.
Anita Monteith and Alison Ring explain the Chancellor’s power to override normal spending rules to authorise key recovery measures.
23 July 2020: There is growing concern that additional debt taken on by businesses during the lockdown period could dampen the economic recovery as companies service their debt rather than invest to expand. Henning Diederichs from ICAEW’s Public Sector team reports.
What do governments need to be thinking about in accounting for financial loan guarantees?
We explore the measures India has taken to combat the economic impacts caused by the coronavirus pandemic.
We explore the measures Cyprus has taken to combat the economic impacts caused by the coronavirus pandemic.