Wind and wave strength is scheduled to include countries’ economy accounts for the first time, as part of the United Nations approved changes.
Assets such as oil fields have already been returned in the framework of the rules – the last update in 2008.
This update aims to capture the areas that have grown since then, such as the cost of using natural resources and data value.
Changes enter into force in 2030, and may mean an increase in the estimates of the size of the British economy with promises to spend a fixed share of the economy on more expensive defense or assistance.
The economic value of wind and waves can be estimated at the price of all energy that can be generated from the turbines in a country.
The update also treats data as the origin of itself, the highest assets it contains, such as servers and cables.
Governments use a common rules book to measure the size of their economies and how they grow over time.
These changes to the book of rules are “amendments, instead of rewrinding,” according to Professor Diane Cowell of the University of Cambridge.
Ben Zaranko calls it from the Institute of Financial Studies (IFS) change “accounting”, rather than a real change. “We will not be better in the material sense, and tax revenues will not be higher,” he explains.
But it can make economies look bigger, creating a potential headache of future spending for the UK government.
For example, the Labor Party has committed to allocating fixed proportions for the size of the economy in defense and assistance.
If the new rules of the estimated size of the economy increased by 2-3 % in 2030, it may add 2 billion pounds to defensive spending.
This is a small share of the total government budget, but it is large compared to discounts in foreign aid (6 billion pounds), which is currently funding an additional defensive spending or a room that left the government to meet its self -bases imposed (10 billion pounds).
The International Government spending agency will not be the Budget Responsibility Office (OBR), including the impact of these new rules on government financial affairs in its evaluation of government financial resources in March.
This makes the new rules a potential future headache for the consultant instead of that instant.
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