Borrowing in the first nine months of 2022-23 was £128.1 billion, up £5.1 billion on last year but £2.7 billion below our November forecast profile in the headline figures and £11.3 billion below profile on a like-for-like basis (correcting for a temporary difference in student loans figures in our forecast profile versus ONS outturn). This surprise was broad-based across central government receipts and spending, as well as borrowing by both local authorities and public corporations.
Our working paper on public sector net worth explains how it differs from the more popular measures of debt, describes how it is constructed and presents our illustrative forecasts. Watch our video explainer.
We have published our 2022 Welsh taxes outlook alongside the Welsh Government’s Draft Budget for 2023-24. It sets out our forecast for each of the devolved Welsh taxes.
Annual report into the main fiscal risks facing the UK and sustainability of the public finances. This new report is an amalgamation of the FSR and FRR.