THE TREASURY wrote off £10.9bn in unpaid tax 2009/2010, according to the report published by a government select committee.
The Public Accounts Committee, chaired by Margaret Hodge, published the first audited Whole of Government Accounts – the first time either Treasury officials, ministers, MPs and the public have been able to look at the total cost of policies over time.
“The 2009-10 WGA reveals some staggering numbers and shows that the total effect of individual financial decisions can be very significant,” Hodge said.
The amount of unpaid tax written off by the government was as high as £10.9bn. However, the report was criticised for falling short of giving a true and fair view of the UK’s financial position.
The figures in the first audited WGA are too dated because Treasury took 20 months to prepare and publish the report.
“The Treasury has departed from accounting standards by leaving out of the accounts such bodies as Network Rail and the publically owned banks,” Hodge said.