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The Treasury has today published an unaudited summary of the Whole of Government Accounts (WGA) for the year 2010-11. The accounts provide an overview of the finances for the whole public sector in that year.
Ian Carruthers, Policy and Technical Director at CIPFA, said:
'CIPFA welcomes this initial release of Whole of Government Accounts data. This maintains the momentum from last year, and through including comparative data provides increased support for the OBR's report on long term fiscal sustainability.
The summary underlines the importance of the overview WGA provides on the impact of policy decisions on the public finances by showing how indexing public sector employee pensions using the Consumer Price Index rather than the Retail Price Index reduced the deficit for the year by £126 bn. However, to allow WGA to deliver its full potential fiscal policy role the Treasury needs to continue to work towards earlier publication of the complete audited accounts.'
CIPFA Press Office
T: 020 7543 5600
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services. This includes the development of local professional qualifications in African countries like Lesotho and Nigeria and in Europe in post conflict states in the Balkans.