Question to the Department for Education:

To ask the Secretary of State for Education, with reference to the announcement entitled, New treatment of student loans in the public sector finances and national accounts, published by the Office for National Statistics (ONS) in December 2018, when his Department plans to adapt their accounting practices in line the ONS decision.

The Office for National Statistics (ONS) announcement is a statistical change, therefore, there are no changes to the existing policy, operation of the student loans system and Departmental Accounts. While the ONS have announced the decision to change the treatment of student loans in the national accounts, the department’s accounting practices will continue to be consistent with the International Financial Reporting Standards, as adapted by the Government Financial Reporting Manual. During the course of 2019, the department will assist the ONS to report the statistical change in line with any new guidance issued as part of the Government Debt and Deficit manual.