The Government Resources and Accounts Act 2000

Modernisation of the system of controlling the management of public finance was effected with the Government Resources and Accounts Act 2000.48 In brief, the Act provides for resource accounting and resources budgeting and introduces a system whereby there are consolidated accounts for the whole of the public sector (Whole of Government Accounts). The Act also provides for the Treasury to establish Partnerships UK, a private sector body responsible for the Private Finance Initiative, the system designed to facilitate the injection of private money into government expenditure programmes.