Opinion – Treasury must get a grip on financial risks highlighted by accounts – News from Parliament – UK Parliament

Read the original Public Accounts Committee report on the financial risk in the Whole of Government Accounts.

Source: Treasury must get a grip on financial risks highlighted by accounts – News from Parliament – UK Parliament

Having been a finance director of a major UK government department, I can readily relate to the content of the report.

As I read the PAC report I worry that these findings might have been OK pre-Brexit decision but now a much tougher regime is required.

Risk modelling needs to be much more sophisticated and sensitivity analysis is required against alternative Brexit scenarios. Also best practice in the private sector is necessary, like WGA in three work days. There is is still enormous opportunity for consolidation across government moving to national service centres.




Getting into Higher Gear: Why Structural Reforms Are Critical for Revving Up Global Growth

This is an important read from the IMF. To me it makes sense but I question whether the world’s finance ministers will take effective action, especially in country’s like Germany and the UK.

iMFdirect - The IMF Blog

David Lipton 2016-1By David Lipton

Almost a decade after the start of the global financial crisis, the world economy is still trying to achieve escape velocity. The IMF’s recent forecast for global growth is a disappointing 3.1 percent in 2016 and 3.4 percent in 2017. And the outlook remains clouded by increased economic and political uncertainty, including from the impact of the Brexit vote.

Policymakers have taken forceful macroeconomic policy action to support growth, such as fiscal stimulus and appropriately accommodative monetary policy. But a lasting recovery remains elusive.

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