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As Budget Day on 8th March approaches with its proposals for tax

posted 24 Feb 2017, 11:35 by Peter Webb   [ updated 8 Mar 2017, 04:08 ]

 it is reasonable to ask what management information is available to the Chancellor. There has been news of an "improvement" in government borrowing (£1,680 bn) hinting at a loosening. But there has also been as if quite separate and a media hyped threat from Europe  news  of liabilities to be settled at or following brexit.

 But there is no difference  between the Chancellor's hand to mouth borrowing, whether on target or better, and the liabilities constantly building up by spending deficit and in the normal course including those due for settlement in Europe post-brexit.

 In both cases Whole Government Accounts might give the inconvenient truth but they are late and accounting is DEFINITELY not government's strong point. We don’t know of any estimate to 31st March 2017 or even the actual results back to 1st April 2015, when total liabilities were £3,558bn, as would be necessary for any industrial board meeting to decide the operating budget.