Thirty-Seventh Report - Whole of Government Accounts 2018–19

The government agrees with the recommendation and states it has already implemented it. They detail the extensive economic analysis undertaken by HM Treasury since the pandemic's onset, including advice to ministers, synthesis of various economic data and forecasts, and assessments presented in the March 2021 Budget document, and commit to continuing this analysis.

The government agrees with the recommendation and commits to providing more meaningful insight into the management of financial sustainability risks. Future WGAs, starting with the 2019-20 report, will include additional information on how key liabilities are managed, their evolution, and how value for money is achieved, drawing on the Balance Sheet Review and OBR projections.

The government agrees with the recommendation, committing to include additional and more detailed information on local government fiscal risks and financial breakdowns in current and future WGA performance reports by Autumn 2021. HM Treasury will also support MHCLG in implementing the Redmond Review response.

The government agrees with the recommendation, stating that the Government Finance Function is developing a performance framework and will begin reporting on its progress in April 2021. It further commits to including estimated expenditures on EU Exit and COVID-19 in the WGA 2019-20 performance report by Autumn 2021, and has set additional reporting requirements for departmental Annual Reports and Accounts.

The government agreed to include additional forward-looking information and commentary on financial position and fiscal risks, including principal risks, future cash flows, and COVID-19 expenditure, in the WGA 2019-20 performance report by Autumn 2021.

The government agreed to provide more information in the WGA 2019-20 and future WGAs on how key liabilities are managed, their evolution, and how value for money is achieved, drawing on OBR projections and reflecting actions from the Balance Sheet Review.

The government highlights that the Balance Sheet Review, which concluded in November 2020, aimed to strengthen control of long-term risks, and states that further actions for risk management are now in place. Future WGAs, starting with WGA 2019-20, will provide more information on how key liabilities, including clinical negligence, are managed and how value for money is achieved.

The government agreed with the committee's concerns and committed to providing additional forward-looking information and commentary on the Treasury's approach to managing fiscal risk, including details on future cash flows and COVID-19 expenditure, in the WGA 2019-20 performance report.

The government agrees with the Committee, reiterating the OBR's role as the official economic forecaster. However, it commits that the WGA 2019-20 performance report will provide additional forward-looking information on the Treasury’s approach to managing financial position and fiscal risks, including principal risks, future cash flows from liabilities, and COVID-19 expenditure.

The government agreed with the committee's observation, committing to enhanced transparency on fiscal risks. The WGA 2019-20 performance report will include additional forward-looking information and commentary on the Treasury's approach to managing fiscal risk, including implications for future years and details on COVID-19 expenditure.

The government agreed with the recommendation and confirmed it has implemented it by setting out the specific economic analysis it undertakes, including leveraging various data sources, considering NPI impacts, publishing analyses, and incorporating this information into policy advice for ministers.

The government agreed with the committee's observation, committing to enhanced transparency on fiscal risks. The WGA 2019-20 performance report will include additional forward-looking information and commentary on the Treasury's approach to managing fiscal risk, including implications for future years and details on COVID-19 expenditure.

The government agreed with the committee's observation, stating it is working with MHCLG to support the local audit market and manage fiscal risks. MHCLG has already published a response detailing specific actions, including enabling fee agreements, extending audit deadlines, and providing an additional £15 million to local authorities in 2021-22.

The government agreed with the Committee’s point and has already taken concrete actions, including MHCLG publishing a response to the Redmond Review, allocating an additional £15 million to local authorities, and taking steps to support the audit market, such as enabling fee agreements and extending audit deadlines.

The government commits to including estimated expenditures on EU Exit and COVID-19 in the WGA 2019-20 performance report by Autumn 2021, addressing the Committee's observation about the need for more granular financial reporting. They also highlight ongoing work by the Government Finance Function to improve data consistency.

The government agreed with the recommendation, stating it is developing a performance framework to improve data comparability and embedding minimum standards for departmental reporting. HM Treasury has set additional reporting requirements for EU Exit and COVID-19 in departmental Annual Reports and Accounts, and the WGA 2019-20 performance report will include estimated expenditures for these.

The government agrees with the importance of improving financial reporting and confirms that the Government Finance Function is developing a performance framework and converging finance processes and data standards. It notes that OSCAR 2 implementation and these convergences will enhance data comparability, aligning with the Treasury's existing plans highlighted in the Committee's conclusion.

The government committed to including more information on local government fiscal risks in the WGA 2019-20 performance report and working with MHCLG to support the Redmond Review's implementation to ensure stability in local audit.

The government committed to including more information on local government fiscal risks in the WGA 2019-20 performance report and working with MHCLG to support the Redmond Review's implementation to ensure stability in local audit.