Author Archives: Charlotte Bunney

WTR and FER icon

Welfare trends report and Forecast evaluation report due this July

Our 2024 Welfare trends report (WTR) will be published on 2 July. This biennial report will examine the drivers of spending on incapacity benefits. It will be released alongside the upcoming Fiscal risks and sustainability report.   On 18 July, we will then publish our 2024 Forecast evaluation report (FER). We will focus on our…

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March 2024 forecast timetable and details regarding the upcoming EFO

Forecast timetable On 27 December 2023 the Chancellor announced that the Spring Budget 2024 will be held on Wednesday 6 March and commissioned us to publish our latest outlook for the economy and public finances that day. We have now agreed the timetable for the forecast process and published the detail below. Update on 23…

Line chart showing cumulative public sector net borrowing

So far this year public sector borrowing remains higher than last year

The ONS release this morning shows borrowing in the first eight months of 2023-24 totalled £116.4 billion, £24.4 billion above the same period last year.  In the remainder of the year, we expect borrowing to rise more slowly than last year due primarily to stronger receipts.

Line chart showing cumulative public sector net borrowing

Year-to-date borrowing moves further below our forecast

The ONS release this morning shows borrowing in the first six months of 2023-24 totalled £81.7 billion, £15.3 billion above the same period last year but £19.8 billion below the monthly profile consistent with our March forecast. The downside surprise is more than explained by higher central government receipts (£14.7 billion above profile), reflecting stronger…

Line chart showing cumulative public sector net borrowing

Year-to-date borrowing remains below profile

Borrowing in the first four months of 2023-24 totalled £56.6 billion, £13.7 billion above the same period last year but £11.3 billion below the monthly profile consistent with our March forecast. The downside surprise is more than explained by higher central government receipts (£10.4 billion above profile), reflecting stronger nominal tax bases, alongside lower borrowing…

Line chart showing cumulative public sector net borrowing

Strong receipts bring year-to-date borrowing below forecast

Borrowing in the first three months of 2023-24 totalled £54.4 billion, £12.2 billion above the same period last year but £7.5 billion below the monthly profile consistent with our March forecast. This downside surprise is more than explained by higher central government receipts (£7.7 billion above profile) thanks to surpluses across the three major taxes…