Stating the exemption
Section 29 of the Freedom of Information Act provides that:
'economic interests': A central aim of government is economic and financial management which supports the maintenance of a stable macroeconomic framework, maintains sound public finances and promotes UK economic prospects and productivity. Associated with these are the oversight of a competitive financial services market and efficient tax and benefits systems. The economy exemption of the FOI Act exists in recognition of the instability and economic damage to the wider economy that could be caused by the disclosure of some information.
'financial interests': Government administrations seek to conduct their financial dealings efficiently and so reduce costs to taxpayers. Public accountability necessitates that sufficient information is available to assess the probity and cost-effective nature of such dealings. This needs to be balanced by the damage to an administration's financial interests that could arise if too much information is disclosed about its financial dealings or after too short a time period. The financial interests exemption of the FOI Act exists in recognition of the long-term cost to the taxpayer that could be caused by the very disclosure of some information and the premature disclosure of other information.
'an administration in the United Kingdom': section 28(2) defines an administration in the UK as: