Her Majesty's Government under what circumstances a Government financial guarantee to a capital investment project will lead to the definition of expenditure on that project being classified as public expenditure.
If a capital investment project involves both the private sector and the public sector, an assessment is required to determine the level of government intervention in a project. This will also determine whether government is bearing a majority of the risks and rewards associated with the project and therefore incurring public expenditure for the capital investment of the project. The assessment would be made by the independent Office for National Statistics (ONS) using the national accounts conceptual framework, the European system of national and regional accounts in the European Union (ESA10) enforceable EU Regulation No. 549/2013 and associated guidance in the Manual on Government Deficit and Debt and a guide to the Statistical Treatment of PPPs published by Eurostat.