Managing the impact of changes in the value of the euro on EU funds
More could be done to manage the risk of a reduction in the value of EU funds to the UK in the event of a depreciation in the euro.
18 Feb 2011
More could be done to manage the risk of a reduction in the value of EU funds to the UK in the event of a depreciation in the euro.
Amyas Morse, Comptroller and Auditor General, has qualified his audit opinion on the 2008-09 Consolidated Statement on the use of EU Funds in the UK.
The Treasury’s Asset Protection Scheme to protect over £280 billion of Royal Bank of Scotland’s financial assets against losses had a beneficial impact on financial markets. But the Scheme has, so far, only been partially successful in encouraging lending to creditworthy borrowers on the scale originally envisaged.
The scale of the support currently provided to UK banks has fallen from a peak of £955 billion to £512 billion, but the amount of cash currently borrowed by the Government to support banks has risen by £7 billion since December 2009. It is likely the taxpayer will be providing support for years to come.
Changes made in 2007-08 to public service pension schemes are on course to deliver savings and stabilise pension costs. However the value for money of the changes cannot be demonstrated in the absence of a strategic assessment of their long term impact on staff motivation and retention.
The Chancellor has requested that the C&AG undertake an examination with following scope: To consider whether key economic and fiscal assumptions underpinning the Office for Budget Responsibility’s forecasts were independently arrived at.
This paper sets out a framework for effective management of staff costs in a challenging environment of cost reduction in public services. It builds on the high level principles set out in the NAO’s short guide to structured cost reduction.
This short guide is one of 17 we have produced covering our work on each major government department. It summarises our work on HM Treasury during the last Parliament.
Comprehensive Spending Review 2007 covering the period 2008-2011
Review of the data systems for Public Service Agreement 9 led by HM Treasury: ‘Halve the number of children in poverty by 2010-11, on the way to eradicating child poverty by 2020’