ICAEW sounds public finance warning as election approaches

11 Dec 2019

The UK's political parties are making 'unsustainable' election promises in regard to public spending, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned.

All three major political parties have pledged to substantially increase public spending and investment, even though the economic outlook remains 'decidedly gloomy'.

The projected deficit in 2023/24, which is currently estimated to be £51 billion, would rise to £62 billion if the Conservatives win the election, compared to £118 billion under Labour and £76 billion under the Liberal Democrats.

Meanwhile, the public sector net debt at 31 March 2024 would be around £1,880 billion under the Conservatives, £2,050 billion under Labour and £1,940 billion under the Liberal Democrats.

The ICAEW said: 'None of the major political parties appear to have a fiscal strategy that extends beyond the next five years, with only limited measures to address the big financial challenges of more people living longer.

'This is disappointing given that relatively small actions taken now could make a big difference to the financial position of the nation in 25 years' time.'

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022

Cheddar

Bath Street
Cheddar
Somerset
BS27 3AA

01934 743274


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.