FT: “Accounting rules unravel the mysteries of Britain’s economy”
April 24, 2014
In future, instead of counting the money employers put into their pension funds as household income, the figures will reflect the contractual promises companies have made. […]
While the change last year added just 1.5 percentage points to the US savings ratio, the Office for National Statistics says it will double Britain’s measure of household savings from about 5.5 per cent of disposable income to about 11 per cent. British households will ditch their reputation for profligacy overnight.
For accounting studies buffs, the full article is here.