Attempts by the Government to capture the entire financial position of the public finances have been branded by spending watchdogs as 'impenetrable to most ordinary people'. The Public Accounts Committee's (PAC's) report on the second set of Whole of Government Accounts (WGA) - which set out the combined accounts of more than 1,500 public bodies for 2010/11 - found the information didn't provide a complete picture of the Government's liabilities and assets. Although the Bank of England is now included, notable omissions cited by MPs included Government owned or controlled bodies such as the Royal Bank of Scotland, Lloyds Banking Group and Network Rail, which the PAC argued should be included under normal accountancy practice.
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