• Skip Navigation
• Help |
• Contact us |
• Access keys |
• Site map |
• A-Z

• Home 
• Budget 
• Pre-Budget Report  
• • Pre-Budget Report 2009  
  • Pre-Budget Report 2008  
  • 2007 Pre-Budget Report and Comprehensive Spending Review  
  • Pre-Budget 2006  
  • Pre-Budget 2005  
  • Pre-Budget 2004  
  • Pre-Budget 2003  
  • Pre-Budget 2002  
  • Pre-Budget 2001  
  • Pre-Budget 2000  
  • Pre-Budget 1999  
  • Pre-Budget 1998  
  • Pre-Budget 1997  
• Spending Review 

• Newsroom & speeches 
• Economic data & tools 
• Consultations & legislation 
• Independent reviews 

• Enterprise & productivity 
• Financial services 
• International issues 
• Public private partnerships 
• Public spending & reporting 
• Taxation, work and welfare 
• UK economy 
• The Euro 
• Invest to save budget (ISB) 

• About us 
• Careers 
• Other HMT sites 

TREASURY10

11 December 1997

HMT 10: Government consults on role of public sector balance sheet in fiscal policy

A discussion paper 'The Public Sector Balance Sheet' has been published today as part of the consultation process initiated by Chancellor Gordon Brown in his recent Pre-Budget Report.

The Government has already strengthened the fiscal framework with its commitment to transparent and measurable fiscal rules and is committed to developing it further. The July 1997 Budget included for the first time information on public sector net wealth, which takes account of tangible assets as well as net financial liabilities. The inclusion of public sector assets means that the balance sheet offers a richer indication of the health of the public finances over time than public debt alone.

The Government would welcome comments on the issues raised in the paper, such as measurement issues, and on the role which balance sheets should play in setting fiscal policy.

Notes for editors

1. To date, balance sheets have not played a large part in the fiscal policy framework. There are unresolved questions about how to measure the assets and liabilities in the balance sheet; which items should be included; and how to interpret the data. However, the National Asset Register (published on 24 November) and the introduction of resource accounting should greatly increase the quality of available information on assets held by central government.
2. The Treasury paper gives more detail about the assets and liabilities that make up the public sector balance sheet. It discusses both the measurement of the assets and liabilities in the present balance sheet and what might be included in the balance sheet in future. The paper aims to set out the main issues rather than give definitive answers.
3. Media copies of the discussion paper can be obtained from the Treasury Press Office on 0207 270 5185. Non-media copies are available from the Public Enquiry Unit on 0207 270 4860/4558.
4. The Chancellor welcomes comments on the issues raised in this paper, and in the Pre-Budget Report more generally. Comments can be sent by post to

The Chancellor of the Exchequer Pre-Budget 1998 HM Treasury Parliament Street London SW1P 3AG

Or e-mailed to budget@hm-treasury.gov.uk.

HM Treasury press office

Press enquiries to: 0207 270 5238
Non-media enquiries: 0207 270 4860/4870/4880

Pre Budget 1997 Press Notices index page

• Terms & conditions
• RSS Feed
• 
•