Thursday, July 03, 2008

GB PLC accounts in Disarray

The Times reports that the National Audit Office is refusing to sign GB Plc's accounts or at least the Treasury versions. What a surprise this is, as the Government attempts to put the 50bn bail out of Northern Rock anywhere but the debit side of the accounts. The Times says

Mr Darling is fighting a bruising battle with the National Audit Office (NAO), which is unhappy at the way that the nationalisation of Northern Rock is being treated in the Treasury’s books. The annual report from No 11 was published yesterday but, in a highly unusual departure from normal procedure, without the department’s resource accounts.
The problem is that if the Northern Rock bail out is put on the debit side the borrowing this government has to do will exceed all expectations by a significant amount.

Michael Fallon, the chairman of the Treasury Scrutiny Committee, said:
“This is a fresh humiliation for Alistair Darling. He has lost control over public finances. Now it looks as if he can’t get his department’s books past the auditors.”
This is just another in the long line of demonstrated incompetencies of this disintegrating government. Whilst Darling and Brown argue about 10p tax, CGT, VED, Fuel Duty etc the accounts and indeed the whole nation is slipping deeper and deeper into an economic quagmire.

Please, Please can we have a General Election and get rid of this shambles.

National Audit Office rejects Treasury accounts - Times Online

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