Gareth Davies, the Comptroller and Auditor General (C&AG) of the National Audit Office, has reported on the 2019-20 accounts of HM Treasury (HMT).

He has qualified his audit opinion because HMT incurred minus £2.064 billion of Capital Annually Managed Expenditure, breaching the expenditure limit authorised by Parliament of minus £2.097 billion by over £32 million. This is because of two errors made when calculating the expenditure limit it required: HMT over-estimated the income from the sale of capital items by UK Asset Resolution and failed to accurately forecast capital expenditure relating to the Reservicing Programme for Buckingham Palace.

Annual report and accounts

Audit certificate and report  (pages 128-145)

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