ICAEW: Structural changes needed to meet public finance challenge

　　Friday 20 June 2014
 
　　Commenting on the public sector finances for May 2014, published today by the ONS, Sumita Shah, ICAEW Public Sector Regulatory Policy Manager said:
　　“The latest figures show that rectifying our public finances remains an arduous task. Despite a fall in borrowing, public sector debt is now 76% of GDP. It is clear that there needs to be a tighter grip and a proper balance sheet analysis of the public finances. If the government is to meet this challenge, then structural changes need to take place.
　　“Now that a new Director General for Public Spending is in place, urgent steps need to be taken to reform the Treasury into a modern finance ministry to consolidate and manage all spending and revenue across Whitehall, to enforce financial discipline and provide strategic advice to Ministers. Only then can the government truly work to fix our public finances.”