United Kingdom: Fiscal Transparency Evaluation

International Monetary Fund

No 2016/351, IMF Staff Country Reports from International Monetary Fund

Abstract: This report assesses fiscal transparency practices in the United Kingdom in relation to the requirements of the IMF’s new Fiscal Transparency Code (FTC). Across all pillars evaluated in the code, the United Kingdom scores very highly when compared with other countries that have undergone an assessment. Of the 48 principles in the FTC, the United Kingdom meets 9 principles at the basic level, 10 principles at the good level, and 23 principles at the advanced level. Fiscal transparency practices are strongest in the area of fiscal reporting and resource revenue management. In four principles, the United Kingdom’s transparency practices do not currently meet basic practice.

Keywords: ISCR; CR; financial year; tax revenue; balance sheet; cash flow; central government; financial crisis; government guarantee; nominal GDP; UK authorities; accounts payable; investment strategy; Eurostat government finance statistics; government payment; cross holdings; tax loss; market price; policies mirrors problem; unsecured debt; assets liability; Budget planning and preparation; Public sector; Financial statements; Global; Europe (search for similar items in EconPapers)
Pages: 88
Date: 2016-11-16
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