Written evidence we received from the ICAEW stressed that, in the absence of discount rates noted in earlier sections, the UK government had a deficit of £200 billion in 2022–23. The ICAEW noted that this deficit is more than 20% of the revenue the UK government received in 2022–23 (£975 billion) and that this deficit is greater than that reported in the National Accounts (£77 billion), as the WGA includes longer term financial liabilities that the government incurs. It stressed the need for ...

Written evidence we received from the ICAEW stressed that, in the absence of discount rates noted in earlier sections, the UK government had a deficit of £200 billion in 2022–23. The ICAEW noted that this deficit is more than 20% of the revenue the UK government received in 2022–23 (£975 billion) and that this deficit is greater than that reported in the National Accounts (£77 billion), as the WGA includes longer term financial liabilities that the government incurs. It stressed the need for a long–term fiscal strategy to put the public finances on a sustainable path.71 Evidence from Professor David Heald argued that the WGA does not appear t Type: conclusion | Number: 33 | Response status: accepted Government response: 6.1 The government agrees with the Committee’s recommendation. Target implementation date: July 2025 6.2 The WGA is a valuable source of information on government liabilities, providing a comprehensive picture across the whole public sector. There are other similarly