Page 6 - Alison Ring News Today : Breaking News, Live Updates & Top Stories | Vimarsana

4 March 2021: The UK economy is set to be 3% smaller than expected before the pandemic, with public sector net debt forecast to peak at 110% of GDP in 2024. The Chancellor of the Exchequer’s second Budget on Wednesday 3 March 2021 was dominated by the coronavirus pandemic and how the economic recovery can be accelerated through stimulus measures. The estimated deficit for the current financial year of £355bn is now expected to be £39bn smaller than was forecast in November. This reflects a slightly better economic performance than had been anticipated, despite the extended...

Experts from across ICAEW and the Tax Faculty will be providing reaction to Rishi Sunak’s Budget announcements on the day and sharing in depth analysis across the coming week.

Trust in international public finances needs to be rebuilt following the pandemic 9 February 2021: Recent research has highlighted a worrying decline in trust around public finances and chartered accountants are at the heart of restoring that trust, writes Alison Ring, ICAEW’s public sector director. A recent ICAEW and Pan African Federation of Accountants (PAFA) event examined lessons learned from the pandemic on the theme of “Leading in uncertain times – what has COVID-19 taught us?” I was privileged to be part of a panel of high-profile international acc...

  The combination of receipts down 7%, expenditure up 30% and net investment up 30% has resulted in a deficit for the three quarters to December 2020 that is almost five times as much as the budgeted deficit of £55bn for the whole of the 2020-21 financial year set in the Spring Budget in March, despite interest charges being lower by 27%.  Cash funding (the ‘public sector net cash requirement’) for the month was £37.8bn, bringing the cumulative total this financial year to £333.6bn, compared with £30.6bn for the same nine-month period in 2019. Interest costs have fallen despite much...

18 January 2021: The UK government is to expand its ability to free up forgotten or dormant funds to help the country recover from the coronavirus pandemic.