Public Finances Could Impact Economic Recovery, Says ICAEW…
Commenting on the public sector finances for July 2014, Sumita Shah, Public Sector Policy Manager at ICAEW, said:
“The latest figures are a mixed bag for the government. The deficit for this month is smaller than the same point last year, but longer-term trends show that the government is failing to keep the deficit under control. It is astonishing that public sector net debt, excluding financial interventions, is £97.8bn higher than 12 months ago. If left unchecked, this has the potential to severely impact on our economic recovery in the medium term.
“As we enter into a prolonged election campaign, there is a real danger that the deficit could be neglected in favour of short-term politicking. The government must take steps to reform the Treasury into a modern finance ministry to enforce financial discipline. Only then can the government truly work to fix our public finances and deliver value for money throughout our public services.”
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