IMF Staff Country Reports

United Kingdom: Fiscal Transparency Evaluation

November 16, 2016

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United Kingdom: Fiscal Transparency Evaluation, (USA: International Monetary Fund, 2016) accessed November 5, 2024

Summary

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.

Subject: Budget planning and preparation, Economic sectors, Expenditure, Financial statements, Public financial management (PFM), Public sector, Revenue administration

Keywords: Accounts payable, Assets liability, Balance sheet, Budget planning and preparation, Cash flow, Central government, CR, Cross holdings, Europe, Eurostat government finance statistics, Financial crisis, Financial statements, Financial year, Global, Government guarantee, Government payment, Investment strategy, ISCR, Market price, Nominal GDP, Policies mirrors problem, Public sector, Tax loss, Tax revenue, UK authorities, Unsecured debt

Publication Details

  • Pages:

    88

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2016/351

  • Stock No:

    1GBREA2016018

  • ISBN:

    9781475553451

  • ISSN:

    1934-7685