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A Short Guide to HM Treasury July 2015 Overview Long-Term the Centre Financial Management of Government

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A Short Guide to HM Treasury July 2015 Overview Long-Term the Centre Financial Management of Government A Short Guide to HM Treasury July 2015 Overview Long-term The centre financial management of government | About this guide This short guide summarises what HM Treasury (the Treasury) does, the context within which it | Contact details works, how much it spends and its upcoming priorities and plans. This guide also sets out our view on the areas to look out for during the upcoming Parliament. In particular, the challenges of managing the public sector finances over the long term; and the need to enhance the effectiveness of the operations of the centre of government. If you would like to know more about the National Audit Office’s (NAO’s) work on HM Treasury, please contact: Nick Bateson BANK Director [email protected] 020 7798 7767 The National Audit Office scrutinises public spending for Parliament and If you are interested in the NAO’s work and support is independent of government. The Comptroller and Auditor General for Parliament more widely, please contact: (C&AG), Sir Amyas Morse KCB, is an Officer of the House of Commons and leads the NAO, which employs some 810 people. The C&AG Adrian Jenner certifies the accounts of all government departments and many other public sector bodies. He has statutory authority to examine and report Director of Parliamentary Relations to Parliament on whether departments and the bodies they fund have [email protected] used their resources efficiently, effectively, and with economy. Our 020 7798 7461 studies evaluate the value for money of public spending, nationally and locally. Our recommendations and reports on good practice For full iPad interactivity, please view this PDF help government improve public services, and our work led to Interactive in iBooks or GoodReader audited savings of £1.15 billion in 2014. © National Audit Office Design & Production by NAO Communications – DP Ref: 10704-001 Overview Long-term The centre financial management of government UK economic position at March 2015 The Treasury’s role Key facts £718 billion About 2.5% government expenditure the forecast rate HM Treasury reported in 2013-14 Whole of of economic growth Government Accounts Key trends Department spending £142 million 5.5% the Treasury’s admin spend rate of unemployment, (the cost of running the organisation) Spending which peaked at 8.1% in 2011 reductions in 2014-15 Assets and liabilities BANK Staff and pay 0% infl ation £44.2 billion below 2% target the government’s shareholding in banks as set by the government at 31 March 2015 in Lloyds and RBS Staff attitudes and engagement Major programmes £1.7 billion and developments the government’s commitments under the UK Guarantees scheme Ongoing Treasury for infrastructure initiatives Key challenges for £65 billion the Treasury real-terms cuts up to 2019-20, which will be needed this Parliament, Appendix based on OBR forecasts Overview Long-term The centre financial management of government HM Treasury (the Treasury) is the government’s economic and The Treasury’s priorities are: Key facts finance ministry, with overall responsibility for public spending. reducing the structural deficit in a fair and responsible way; The Treasury sets the direction of the UK’s economic policy; and • About aims to achieve strong and sustainable economic growth. • securing a growing economy that is more resilient, and more HM Treasury balanced between public and private sectors; Since the financial crisis of 2007, the Treasury has focused on managing the economic fall-out of the banking crisis and on Key trends • reforming the regulatory framework for the financial sector to economic growth, particularly through managing reductions avoid future financial crises; and in public spending; supporting investments in infrastructure; Department restructuring the regulation of the banking sector; and providing • building a great Treasury that operates as a high-performing spending financial support for quantitative easing. It has played a key role organisation in collaboration with its strategic partners. in preparing economic arguments during the referendum on Spending Scottish independence. reductions The Treasury’s wider economic responsibilities The Treasury’s responsibilities for government operations Assets and liabilities Financial stability Enterprise and growth Economics Public spending Staff and pay Ongoing stability Growth-related policy and UK economic Public spending control and issues and expenditure, including analysis, embedding good governance resolution of infrastructure strategy surveillance and financial management financial intervention and delivery and Public and professionalism across government Staff attitudes Private Partnership and engagement Public services Financial services Personal tax, welfare International Oversight of major public Major programmes and pensions and EU and developments Regulatory service expenditure framework Policy development on Advancing UK’s and financial personal tax, welfare, economic and Ongoing Treasury markets policy labour market, DWP/HMRC financial interests Strategy, planning and Budget initiatives expenditure, pensions internationally and savings and in the EU Responsible for defining forward strategy, work programme, the Key challenges for Budget and short-term priority policy projects the Treasury Business and Fiscal international tax strategy, funding and Appendix and indirect taxes debt management Overview Long-term The centre financial management of government The Treasury faced challenges in its efforts to The economy started to recover in 2010, and unemployment Key facts secure economic growth and reduce the deficit in started to decrease in 2012. the last Parliament. Tax receipts started to increase in 2009, but total government 1/2 About The UK economy went into recession in 2007 leading to higher expenditure is still greater than revenue. HM Treasury unemployment and an increase in public sector net debt. However, financing costs have remained relatively stable. Key trends GDP growth and public sector net debt Unemployment rate (16 and over) and tax receipts Percentage of GDP Percentage change (growth) Unemployment rate (%) Tax receipts (£ billion) Department 160 4 9 900 spending 140 3 8 800 120 2 7 700 1 100 6 600 Spending 0 80 5 500 -1 reductions 60 4 400 -2 3 300 40 -3 Assets and 20 -4 2 200 liabilities 0 -5 1 100 2005 2007 2009 2011 2013 2015 2017 2019 0 0 Outturn Forecast 2005 2007 2009 2011 2013 2015 2017 2019 OutturnForecast Staff and pay Public sector net debt (excluding public sector banks) Unemployment Tax receipts1 Public sector net debt (including public sector banks) GDP growth Note Staff attitudes 1 Tax receipts for 2014 are forecast figures. and engagement Total managed expenditure £ billion Major programmes 900 AME and developments 800 700 DEL 600 Ongoing Treasury 500 initiatives 400 300 200 Key challenges for 100 0 the Treasury 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 Appendix Source: Office for National Statistics, Public Finance Database, Budget 2015, Public Expenditure Statistical Analyses 2014, Whole of Government Accounts 2013-14 Overview Long-term The centre financial management of government The Treasury has sought to cut spending while demand for public The UK population is forecast to increase to 73 million by 2037. Those services grows. of pensionable age are forecast to increase by 31% between 2012 and 2037. While those aged under 16 are forecast to increase by 8.3%. The Treasury has managed to reduce government expenditure once 2/2 These trends will all increase demand for key public services, such as inflation is taken into account. The number of civil servants has also fallen the health service, education and social care. by 18%, from 492,000 in March 2010 to 405,000 at the end of 2014. Total income and expenditure of government UK projected population by age £ billion Population (millions) 800 700 2012 600 500 400 2017 300 200 100 2022 0 2009-10 2010-112011-12 2012-132013-14 Total revenue Total expenditure Total financing 2027 Number of civil servants Full-time equivalents (£000) 2032 500 450 2037 01020304050607080 400 Under 16 Working age 350 Pensionable age Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 2014 Source: Whole of Government Accounts 2013-14, Office for National Statistics 2012 population predictions, Office for National Statistics, Public Sector Employment, 2014 Quarter 4 Overview Long-term The centre financial management of government Key facts About HM Treasury Bank of England Asset Key trends Purchase Facility UKAR fair value adjustment income £46,945m £10,331m Sale of shares Department Income £2,791m spending Other financial Spending stability/growth reductions Income £1,773m FSCS Assets and MAS – Costs £1m liabilities Income £980m Office for Budget Responsibility – Costs £2m Northern Rock (Virgin Money) Staff and pay HM Treasury Group Income £153m UK Financial Investments Net income £62,363m IFUL – Income £9m Costs £3m (Expenditure £1,472m, Income £16,890m) Provisions Staff attitudes Administration of Equitable FV adjustment £46,945m Costs £448m and engagement Life – Costs £6m Help to Buy Major programmes Business Finance HM Treasury Group Costs £6m, Income £6m Partnership and developments Income Other Core HM Treasury capital Costs £359m Costs £9m Income £339m Costs/expenditure Ongoing Treasury Eurostar – Costs £325m, Valuation movements Debt Management Office initiatives Income £325m Costs £21m, Income £3m Notes Other core HM Treasury administration
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