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In Focus Risk


We believe that the CCA should be


revised both in respect of the business lending to which it applies, and in respect of the way it regulates those markets, so as to ensure a more proportionate and better- targeted regime. Our business-finance recommendations


are to: l Equip the local enterprise partnerships and growth hubs with the resources and knowledge they need to support local SMEs seeking business finance, including dedicated staff to assist in business planning and advise on available finance options. l Create an online, comprehensive and impartial Small Business Financing Options Portal, probably via the BBB. l Reform the regulation of small-business lending to ensure proportionality, including by amending all the relevant parts of the 1974 CCA. l In the medium term, review the EU- derived rules governing government business support schemes, in order to create a more level playing-field.


Funding the public sector Leasing and hire purchase are cost-effective means of financing the acquisition of


July 2017


Current proposals to split up NHS procurement among different organisations, each dealing with a different type of equipment, may make this worse


important assets by the public sector, yet leasing expertise remains patchy amongst public sector procurement managers. Current proposals to split up NHS


procurement among different organisations, each dealing with a different type of equipment, may make this worse. We are concerned that the new


International Lease Accounting Standard (IFRS 16), which puts all leases on the lessee’s balance sheet, could make leasing even more difficult for the public sector. For example, schools are not currently


allowed to enter into a finance lease – one where the regular payments more-or-less add up to the cost of the asset – unless they


www.CCRMagazine.co.uk


receive permission from the Secretary of State. We have long argued that this is inappropriate, and that schools should be able to make an informed choice about the best finance option for them. IFRS 16 could make the situation even


worse if it is applied to the public sector in such a way as to treat all leases like finance leases. This might prevent schools from even using the operating leases currently available to them, severely limiting their procurement choices. We have, therefore, urged the Financial


Reporting Advisory Board, which is responsible for making recommendations on the use of IFRS 16 in the public sector, to consider exemptions or other ways of ensuring that leases are not treated as debt in the public accounts. We hope the new government will support this position. Our recommendations for public sector


procurement are to: l Place the management of NHS leasing arrangements with a dedicated body which has the relevant expertise. l Ensure that the new lease accounting rules are amended so that leases in schools are not treated as debt in the public accounts. CCR


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