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.'
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