Annal Nayyar Reports :MPs call for greater use of Whole of Government Accounts

The Public Accounts Committee has urged the Treasury to increase the use of Whole of Government Accounts in Whitehall to improve value for money. After examining the accounts, which combine statements from 1,500 public sector bodies to give a picture of the government’s total finances, MPs said they were not yet ‘a meaningful tool’ for managing the public finances.

The accounts for the 2010/11 financial year, published in October 2012, showed the public sector had an annual deficit of £94.4bn, down £68.3bn from 2009/10 due to public sector pension reforms. The WGA also showed the government had net liabilities of £1,193.4bn at the end of 2010/11, similar to the figure of £1,212bn the previous year.

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