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Hm Treasury Annual Report and Accounts 2006-07 Hc HM TREASURY ANNUAL REPORT AND ACCOUNTS 2006-07 HC 518 June 2007 This document is part of a series of Departmental Reports (Cm 7091 to Cm 7117) which, along with the Main Estimates 2007-08, the document Public Expenditure Statistical Analyses 2007 and the Supplementary Budgetary Information 2007-08, present the Government's expenditure plans for 2007-08, and comparative outturn data for prior years. HM Treasury Annual Report and Accounts 2006-2007 Including the spring Departmental Report and the Consolidated Departmental Resource Accounts For the year ended 31 March 2007 Presented pursuant to the Government Resources and Accounts Act 2000 c20, s.6 Ordered by the House of Commons to be printed 4 June 2007 London: The Stationery Office HC 518 £32.50 © Crown copyright 2007 The text in this document (excluding the Royal Arms and departmental logos) may be reproduced free of charge in any format or medium providing that it is reproduced accurately and not used in a misleading context. The material must be acknowledged as Crown copyright and the title of the document specified. Any enquiries relating to the copyright in this document should be addressed to: The Licensing Division, HMSO, St Clements House, 2-16 Colegate, Norwich, NR3 1BQ. Fax: 01603 723000 or e-mail: [email protected] Cover courtesy of Jonathan Kinsella in Her Majesty's Revenue and Customs HMTreasury contacts Comments on the coverage or presentation of this report should be sent to: Janet Guest HM Treasury 1 Horse Guards Road London SW1A 2HQ E-mail: [email protected] For enquiries about the Treasury and its work, contact: Treasury Public Enquiry Unit: Tel: 020 7270 4558 Fax: 020 7270 4574 E-mail: [email protected] This document can be accessed from the Treasury’s Internet site at: www.hm-treasury.gov.uk ISBN: 978-0-10-294535-5 PU167 Contents Foreword by the Chancellor of the Exchequer Context SECTION 1: ANNUAL DEPARTMENTAL REPORT 9 CHAPTER 1 Organisation Structure and Executive Summary 11 t "JNBOE0CKFDUJWFT t .JOJTUFSJBM3FTQPOTJCJMJUJFT t 5SFBTVSZ(SPVQ4USVDUVSF t 5SFBTVSZ(SPVQ#PBSETBOE$PNNJUUFFT t &YFDVUJWF4VNNBSZ CHAPTER 2 Maintaining Stability at Home and Overseas 25 t 14"o*OGMBUJPO t 14"o4PVOE1VCMJD'JOBODFT t 6,%FCU.BOBHFNFOU0GGJDFDPOUSJCVUJPOUP0CKFDUJWF* t 14"(MPCBM1SPTQFSJUZBOE4PDJBM+VTUJDF CHAPTER 3 Raising Trend Growth 37 t 14"o5SFOE3BUFPG(SPXUI t 14"o1SPEVDUJWJUZ(SPXUI t 14"o3FHJPOBM(SPXUI t 0CKFDUJWF***o'JOBODJBM.BSLFUT t #FUUFS3FHVMBUJPO CHAPTER 4 Promoting Fairness and Opportunity for All 53 t 14"o&NQMPZNFOU t 14"o$IJME1PWFSUZ t 0CKFDUJWF7***o&OWJSPONFOU CHAPTER 5 Delivering High Quality Public Services 63 t 14"o*NQSPWFE1VCMJD4FSWJDFTBOE&GGJDJFODZ t 14"o1SPDVSFNFOU4BWJOHT SFTQPOTJCJMJUZPGUIF0GGJDFPG(PWFSONFOU$PNNFSDF t 0CKFDUJWF7**o'JOBODJBM.BOBHFNFOU CHAPTER 6 Managing Ourselves 75 t (PWFSOBODF t $PSQPSBUF4FSWJDFT CHAPTER 7 Managing the Money 85 t 'JOBODJBM%BUBBOE1SPKFDUJPOT t &GGJDJFODZ1SPHSFTT SECTION 2: RESOURCE ACCOUNTS 101 A Statement of Accounting Officer Responsibilities 103 B Statement on Internal Control 104 C Remuneration Report 107 D Comptroller and Auditor General Certificate 114 E Financial Statements 116 Foreword #ZUIF$IBODFMMPSPGUIF&YDIFRVFS UIF3U)PO(PSEPO#SPXO.1 5IF(PWFSONFOUTPCKFDUJWFJTUPCVJMEBTUSPOHFDPOPNZBOEBGBJSTPDJFUZXJUIPQQPSUVOJUZBOETFDVSJUZ for all. We continue to deliver macroeconomic stability with sustained economic growth, delivering NPEFSOBOEFGGJDJFOUQVCMJDTFSWJDFTUIBUBSFSFTQPOTJWFUPUIFOFFETPGVTFST BOEFRVJQQJOHUIF6,UP meet the global challenges of the next decade. t Maintaining Economic Stability and Promoting Economic Growth o PWFS UIF QBTU UFO ZFBST UIF(PWFSONFOUTNBDSPFDPOPNJDGSBNFXPSLIBTMPDLFEJOTUBCJMJUZ EFMJWFSJOHNPSFTUBCJMJUZJO UFSNTPGFDPOPNJDHSPXUIBOEJOGMBUJPOSBUFTUIBOJOBOZEFDBEFTJODFUIFXBS5IF6,FDPOPNZ JTDVSSFOUMZFYQFSJFODJOHJUTMPOHFTUVOCSPLFOFYQBOTJPOTJODFRVBSUFSMZSFDPSETCFHBO XJUI consecutive quarters of economic growth. t Promoting Fairness and Opportunity for All oUIF(PWFSONFOUJTDPNNJUUFEUPQSPNPUJOHGBJSOFTT BMPOHTJEFGMFYJCJMJUZBOEFOUFSQSJTFUPFOTVSFUIBUFWFSZPOFDBOUBLFBEWBOUBHFPGPQQPSUVOJUJFTUP NBLFUIFNPTUPGUIFJSQPUFOUJBM5IFSFBSFPWFSNJMMJPONPSFQFPQMFJOXPSLUPEBZUIBOUIFSF XFSFJO BOEUIFOVNCFSPGDIJMESFOJOBCTPMVUFQPWFSUZIBTNPSFUIBOIBMWFE*OBEEJUJPO BTBSFTVMUPGNFBTVSFTJNQMFNFOUFETJODF QFOTJPOFSIPVTFIPMETBSFPOBWFSBHFb B year better off and the poorest third of pensioners are £2,200 a year better off. t Delivering High-Quality Public ServicesoUIF(PWFSONFOUhTBJNJTUPEFMJWFSXPSMEDMBTTQVCMJD TFSWJDFTUISPVHITVTUBJOFEJOWFTUNFOUNBUDIFECZDPOUJOVJOHSFGPSN'PSFYBNQMF GPMMPXJOHZFBS POZFBSJODSFBTFT PWFS NPSFQVQJMTFBDIZFBSOPXBDIJFWFGJWF" UP$HSBEF($4&T JODMVEJOH&OHMJTIBOE.BUIT UIBOJO0WFSQFSDFOUPGQBUJFOUTXJUITVTQFDUFEDBODFSBSF OPXTFFOCZBTQFDJBMJTUXJUIJOUXPXFFLTPGCFJOHSFGFSSFECZUIFJS(1 DPNQBSFEUPQFSDFOU JO t Protecting the Environment oUIF(PWFSONFOUJTDPNNJUUFEUPIJHITUBOEBSETPGFOWJSPONFOUBM stewardship, integrating economic prosperity with environmental protection and social equity. The Stern Review set out the significance of the challenge of climate change, demanding early and DPPSEJOBUFEJOUFSOBUJPOBMBDUJPO"TUIFPOMZ(DPVOUSZBMSFBEZNFFUJOHJUT,ZPUPDPNNJUNFOUTUP SFEVDFHSFFOIPVTFHBTFNJTTJPOT UIF6,DPOUJOVFTUPMFBEUIFJOUFSOBUJPOBMEFCBUFBOEJOUSPEVDF domestic measures to cut emissions and waste. "EFDBEFBGUFSUBLJOHPGGJDFUIF(PWFSONFOUJTDPOEVDUJOHBTFDPOE$PNQSFIFOTJWF4QFOEJOH3FWJFX This provides the opportunity for a fundamental review of the balance and pattern of public expenditure, UBLJOHTUPDLPGJOWFTUNFOUTBOESFGPSNTBOEJEFOUJGZJOHUIFBDUJPOTOFFEFEUPNFFUUIFOFXDIBMMFOHFTBOE PQQPSUVOJUJFTBIFBE#VJMEJOHPOUIFTVDDFTTGVMEFMJWFSZPGbCJMMJPOPGFGGJDJFODZHBJOTTPGBSJOUIF Spending Review period, the Government will pursue even more ambitious reforms to release resources for frontline services and deliver increased value for money. 8JUIPVUUIFIBSEXPSLPGUIFEFEJDBUFETUBGGJOUIF5SFBTVSZ(SPVQ JUXPVMEOPUIBWFCFFOQPTTJCMFUP EFMJWFSUIFBDIJFWFNFOUTTFUPVUJOUIJTSFQPSU0OCFIBMGPGBMMUIF5SFBTVSZ.JOJTUFST *XPVMEMJLFUPUIBOL our officials for their continued commitment. Gordon Brown CONTEXT For the first time, the Treasury Group is combining its Departmental Report with its Resource Accounts to form a TJOHMFSFQPSU HJWJOHBDPNQSFIFOTJWFBDDPVOUPGUIF5SFBTVSZTVTFPGSFTPVSDFTJO The report has two sections: 4FDUJPODPNQSJTFTUIF5SFBTVSZ(SPVQTTQSJOH%FQBSUNFOUBM3FQPSUGPS JODMVEJOH t QFSGPSNBODFBHBJOTUPVUTUBOEJOH1VCMJD4FSWJDF"HSFFNFOU 14" UBSHFUT t JOGPSNBUJPOPOUIF5SFBTVSZ(SPVQTPSHBOJTBUJPOBOEBENJOJTUSBUJPOBOE t QFSGPSNBODFBHBJOTUGJOBODJBMCVEHFUTBOEFGGJDJFODZUBSHFUT Section 1 also contains details of the performance of the Treasury’s Offices and Agencies: the Office of Government $PNNFSDF 0($ BOEUIF6,%FCU.BOBHFNFOU0GGJDF %.0 1. Section 2 comprises the Consolidated Departmental Resource Accounts for the year ended 31 March 2007. OVERVIEW OF TREASURY GROUP ORGANISATION Ministerial responsibilities: The Chancellor of the Exchequer has overall responsibility for the Treasury. He is supported by the Chief Secretary, the Paymaster General, the Financial Secretary and the Economic Secretary. Full details of the responsibilities of Ministers can be found on pages 14 and 15 of Chapter 1. Treasury Group organisational structure: The Treasury has three distinct operating units: t HM Treasury BMTPSFGFSSFEUPBTiDPSFw5SFBTVSZ JTSFTQPOTJCMFGPSGPSNVMBUJOHBOEJNQMFNFOUJOHUIF 6,(PWFSONFOUTGJOBODJBMBOEFDPOPNJDQPMJDZ*UJTNBOBHFECZUIF1FSNBOFOU4FDSFUBSZTVQQPSUFE CZUIF5SFBTVSZ#PBSE t The United Kingdom Debt Management Office (%.0 FTUBCMJTIFEPO"QSJM JTUIF5SFBTVSZT POMZ&YFDVUJWF"HFODZ*UTQFDJBMJTFTJOUIFEFMJWFSZPGUSFBTVSZNBOBHFNFOUTFSWJDFT JOQBSUJDVMBSSBJTJOH finance to meet the Government’s annual cash requirements and managing the Exchequer’s daily cash QPTJUJPO BOESFMBUFEQPMJDZBEWJDFUPDFOUSBMHPWFSONFOU5IF%.0T$IJFG&YFDVUJWFJTBO"EEJUJPOBM Accounting Officer and is responsible to Treasury Ministers for the overall operation of the agency in BDDPSEBODFXJUIUIF%.0T'SBNFXPSL%PDVNFOUBOE t The Office of Government Commerce 0($ JTBO0GGJDFPGUIF5SFBTVSZ SFTQPOTJCMFGPSESJWJOHWBMVF for money improvements in public procurement and estates management in central government. It has JUTPXO$IJFG&YFDVUJWF BU1FSNBOFOU4FDSFUBSZMFWFM XIPJTBMTPBO"EEJUJPOBM"DDPVOUJOH0GGJDFS BOE &YFDVUJWF#PBSE The organisational structures of each of these bodies1, including their senior management teams, are set out on pages 16 and 17 in Chapter 1. Board and committee structure: .VDIPGUIFXPSLPGUIFEFQBSUNFOUJTDBSSJFEPVUCZPGGJDJBMTVOEFSUIFHFOFSBM EJSFDUJPOPG.JOJTUFST XJUITUSBUFHJDNBOBHFNFOUBOEEJSFDUJPOCFJOHQSPWJEFECZUIF5SFBTVSZ#PBSE %FUBJMTPGUIF5SFBTVSZ(SPVQ#PBSETBOE$PNNJUUFFTUSVDUVSFBSFTFUPVUPOQBHFTBOEJO$IBQUFS 1'VSUIFSJOGPSNBUJPOPOUIFJSPCKFDUJWFTBOEQFSGPSNBODFDBOCFGPVOEPOUIFJSXFCTJUFT 0GGJDFPG(PWFSONFOU$PNNFSDFXXXPHDHPWVL 5IF%FCU.BOBHFNFOU0GGJDFXXXENPHPWVL SECTION 1: ANNUAL DEPARTMENTAL REPORT Organisation 1 Structure and Executive Summary Aim and Objectives Ministerial Responsibilities Treasury Group Structure Treasury Group Boards and Committees Executive Summary ORGANISATION STRUCTURE AND EXECUTIVE SUMMARY 1 Aim and Objectives 1.1 The Treasury is the United Kingdom’s economics and 1.2 The Treasury has eight objectives, set under the 2004 finance ministry. It is responsible for formulating and implementing Spending Review (SR20041) . These are listed below, and can be the UK Government’s financial and economic policy. Its aim is to broadly categorised under four main headings: raise the rate of sustainable growth, and achieve rising prosperity and a better quality of
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