He gave warning that the current system of budget accounting seriously underestimated the government's future liabilities.

ECONOMIST: Urging restraint | The

In particular, he gave warning that the current system of budget accounting seriously underestimated the government's future liabilities.

ECONOMIST: More discipline needed | The

Projects such as the massively over budget, unfinished and underperforming NHS computer system should provide clear warning against government trying to do something which the private sector is already doing better.

BBC: Man looking at a falling graph

Mr Fergusson said a new financial monitoring system was designed to provide an early warning of budget problems.

BBC: Dumfries and Galloway social services new deficit found