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SNP accounting error results in £45m loss for poor

The government in Scotland has scuppered plans for cash to be spent on helping the poor because it can’t provide evidence that it will be sufficiently invested.

The European Commission has suspended£45 million in payments due to accounting regularities.

The government has had over six months to resolve the issue with the European Social Fund, which trains unemployed people in a bid to combat poverty. Payments of £41.4 million for initiatives in the Uplands and Lowlands and £4.8 million for the Islands and Highlands are now suspended.

The total figure is close to 25 per cent of the £193 million received by Scotland between 2007 and 2013.

The European Commission said:

“The commission has taken the decision to suspend payments from the European Social Fund for Scotland.

“Member states have the ­obligation to ensure that EU money is spent properly and that all procedures and documents respect the rules set out under the structural funds.”

The statement went on to say that the issues were initially brought to the fore at the end of last year but in spite of extensive talks, have not been resolved.

Accounting irregularities in this case will have a huge impact in Scotland but errors in the books have been causing businesses problems for a long time. The smartest thing a firm can do to prevent any issues arising form mis-reporting would be to hire an accountant in the Wirral. The alternative carries too much of a risky proposition.

Posted by Peter
September 3, 2015
Finance

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