March 2023
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Read the executive summary of the March 2023 Economic and fiscal outlook
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Borrowing in April 2023 of £25.6 billion was £3.1 billion above our March 2023 forecast profile – thanks to both slightly lower-than-expected receipts and slightly higher-than-expected spending – and almost double the £13.7 billion figure from a year ago. This year-on-year increase largely reflects higher inflation pushing up spending on debt interest payments (£3.1 billion higher than a year ago) and net social benefits (£4.5 billion higher). The latter, and spending on subsidies (£1.8 billion higher), were also affected by energy support schemes in the form of cost-of-living payments and energy price caps.
March 2023
Read the executive summary of the March 2023 Economic and fiscal outlook
March 2023
Richard Hughes, Chair of the OBR, explains the top 5 takeaways from our report.
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