December 13, 2019
We have restated our March 2019 borrowing forecast to include recent ONS statistical changes but have not incorporated any other new data, new judgements nor include an update to the economy forecast. After incorporating these changes, borrowing has increased materially by around £20bn each year.
We wrote to the Treasury on 29 October about our intention to publish the restated forecast on 7 November, but on Cabinet Secretary advice we delayed publication until after the General Election. For transparency, we have therefore now, at the earliest opportunity, published the restatement in precisely the form that it was signed off by the Budget Responsibility Committee on 6 November.