As part of the Treasury’s “fiscal discipline” plans, to tighten financial management of government departments, Mr Alexander is requiring all government departments to monitor and share consistent information on spending with him every month; and the changes are set to be introduced in a bid to stop the UK economy from getting into a “mess” again.
Along with introducing the plans to monitor Whitehall’s monthly spending, Mr Alexander will also ask each ministry set up “rainy day” funds worth five percent of their budgets to meet unexpected spending commitments; or pay for emerging policies rather than come to the Treasury for help with overspending.
Within his speech at the Institute for Fiscal Studies, today, Mr Alexander is expected to tell the delegates: “These new controls are not just a tweak to the Whitehall machine.
“They are another signal of our unwavering determination to deliver the fiscal consolidation we promised. For too long financial management in government has been stifled by poor information-sharing and poor incentives.
“From now on, all departments must monitor and share spending information with the Treasury on a monthly basis. And that data must be consistent.”
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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