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Institute for Fiscal Studies
7 Ridgmount Street
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(200 Total References)
General Election 2015: IFS criticises parties' deficit reduction plans | www.searchaccountant.co.uk
Carl Emmerson, deputy director at the IFS, said:
Estates; gifts | Tax Watch
Stuart Adam and Carl Emmerson, Institute for Fiscal Studies (April 2014).
Coming to the crunch: Public Finance | Paul Gosling
'The Office for National Statistics will have to make a decision based on international accounting rules,' says the IFS deputy director, Carl Emmerson.
Either way, PSND is heading way over the 40% of national income limit imposed by the Treasury's
sustainable investment rule - which Emmerson
believes would have been broken next year anyway, when tax receipts fall as the recession bites.
End of the line for the PFI? | Paul Gosling
But Carl Emmerson, deputy director at the Institute for Fiscal Studies, explains that the Treasury is now very close to the sustainable investment borrowing ceiling, which would be breached if off-balance sheet schemes were now placed on-balance sheet.
Of the total £53.4bn capital values of PFI schemes declared by the Treasury, some £29.1bn (54.5%) is currently off-balance sheet.
The likely approach by Chancellor Alistair Darling will be to raise the 40% borrowing ceiling, suggests Emmerson.
Consequently, predicts Emmerson
, Darling will replace the sustainable investment rule with a new rule which has a much higher ceiling and encompasses other long-term debt - particularly liabilities of public sector pensions.
Ideally, says Emmerson
, the new accounting rules would have no impact on the future of the PFI.
'What we would like to happen is that all PFI deals are done for economic efficiency reasons, because they are the most economic way or are the best way to deliver, so this would make no difference,' he
says. 'In future no-one will be able to make allegations that a deal is done as an accounting trick.'
Institute for Fiscal Studies | Public Finance Press Releases
For further information on today's public finance release please contact: Soumaya Keynes or Carl Emmerson on 020 7291 4800, or email firstname.lastname@example.org or email@example.com.
For further information on today's public finance release please contact: Carl Emmerson
, Soumaya Keynes or Gemma Tetlow on 020 7291 4800 or email firstname.lastname@example.org, email@example.com or firstname.lastname@example.org.
Commenting on speculation today that government ministers are considering a boost of up to £5 billion to planned capital spending, Carl Emmerson, Deputy Director of the IFS, said: "An extra £5 billion, if spent in one year, would be a large proportional increase in investment spending: Budget 2011 forecast around £30 billion of net investment both this year and next.