The Spending Review and Autumn Budget will mark the first step in the Chancellor’s plan to bring the public finances back under control following the pandemic. There are significant challenges to be overcome if he wants to do so.
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Upward revisions to GDP bring the debt-to-GDP ratio down to 95.5%, but the Chancellor has a difficult Spending Review and Autumn Budget ahead as spending pressures mount.
Our chart this week looks at the core departmental resource budgets that are central to next Wednesday’s long-awaited Spending Review.
New research has found only 9% of local authority 2020-21 audits were completed by the statutory deadline of 30 September 2021, highlighting the crisis in the local audit market.
Michael Sunderland is the Deputy Director Government Financial Reporting at HM Treasury. He talks to ICAEW Insights about government balance sheet management.
As the government published its strategy to meet the UK’s commitment to become net zero by 2050, an HM Treasury report has highlighted the significant implications for public spending and tax revenues in meeting the costs.
Technical experts from across ICAEW will be publishing a range of resources and insights in the coming weeks to help members understand the implications of the Spending Review and the Autumn Budget on 27 October. Find out more.
Writing to the Chancellor, ICAEW argues that the Autumn Budget should include additional support for businesses and local authorities on reducing carbon emissions, as well as action to improve access to private finance outside of London.
The Institute for Fiscal Studies says that there may be spending cuts in some areas of the Spending Review and Autumn Budget.
The piecemeal nature of procurement in children’s social care services, coupled with local authorities’ financial struggles, is creating a chaotic and ultra-competitive market that is not sustainable.