United Kingdom: Staff Report for the 2011 Article IV Consultation—Informational Annex

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Abstract

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Annex I. FUND RELATIONS

(Data as of June 30, 2011)

I. Membership Status: Joined December 27, 1945; accepted Article VIII.

II. General Resources Account:

article image

III. SDR Department:

article image

IV. Outstanding Purchases and Loans: None

V. Financial Arrangements: None

VI. Projected Payments to Fund:1/ (SDR million; based on present holdings of SDRs):

article image

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section

VII. Exchange Rate Arrangement:

The UK authorities maintain a free floating regime. As of June 20, 2011 the exchange rate for sterling was $1.62. In accordance with UN resolutions and EU restrictive measures, the United Kingdom applies targeted financial sanctions under legislation relating to Al-Qaeda and Taliban, and individuals, groups, and organizations associated with terrorism; and certain persons associated with: the former Government of Iraq, the former Government of Liberia, the current Government of Burma (aka Myanmar), the former Government of the Republic of Yugoslavia and International Criminal Tribunal Indictees, the current Government of Zimbabwe, the current government of Belarus, the current government of North Korea; the current government of Iran and persons considered to be a threat to peace and reconciliation in Sudan, Cote d’Ivoire, and Democratic Republic of Congo; and persons considered by the UN to have been involved in the assassination of former Lebanese Prime Minister Rafik Hariri. These restrictions have been notified to the Fund under Decision 144–(52/51).

VIII. Article IV Consultation:

Discussions for the 2011 Article IV consultation were conducted in London during May 24–June 6, 2011. The Staff Report (IMF Country Report) was considered by the Executive Board on July 27, 2011.

IX. FSAP

The FSAP update was completed at the time of the 2011 Article IV Consultation.

X. Technical Assistance: None

XI. Resident Representative: None

Annex II. Statistical Issues—United Kingdom

Economic and financial data provided to the Fund are considered adequate for surveillance purposes. The United Kingdom subscribes to the Special Data Dissemination Standard (SDDS) and meets the SDDS specifications for the coverage, periodicity, and timeliness of data. SDDS metadata are posted on the Dissemination Standard Bulletin Board (DSBB).

Table of Common Indicators Required for Surveillance

(As of June 20, 2011)

article image

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

United Kingdom: 2011 Article IV Consultation: Staff Report; Staff Supplement; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Kingdom
Author: International Monetary Fund