Halfway through the 2020-21 fiscal year, cumulative borrowing has reached £208 billion, £51 billion above full-year borrowing in 2009-10 (at the peak of the financial crisis). Year-to-date borrowing is still lower than assumed in the central scenario from our Fiscal sustainability report, as both GDP and tax receipts have fared better than assumed. But with a…
Category Archive: Announcements
Budget deficit tops £200 billion in six months
21 October 2020 | Monthly public finances release, Announcements
Halfway through the 2020-21 fiscal year, cumulative borrowing has reached £208 billion, £51 billion above full-year borrowing in 2009-10 (at the peak of the financial crisis). Year-to-date borrowing is still lower than assumed in the central scenario from our Fiscal sustainability report, as both GDP and tax receipts have fared better than assumed. But with a…
New Chair makes first appearance at Treasury Select Committee
7 October 2020 | Announcements
Richard Hughes gives evidence to the Treasury Select Committee (TSC) for the first time as Chair of the OBR alongside Budget Responsibility Committee (BRC) members Andy King and Prof. Sir Charlie Bean. The TSC raised an inquiry ‘Tax after Coronavirus’ to examine what the major pressures on the tax system are after the economic fallout…
Budget deficit reaches £174 billion in just five months
25 September 2020 | Monthly public finances release, Announcements
Less than halfway through the 2020-21 fiscal year, the budget deficit has already topped full-year borrowing in 2009-10 (at the peak of the financial crisis). Despite that, year-to-date borrowing is lower than assumed in the central scenario from our Fiscal sustainability report, as both GDP and tax receipts have fared less badly than assumed. With…
Society of Professional Economists webinar
24 September 2020 | Announcements
Watch Robert Chote and Richard Hughes marking the OBR’s 10th anniversary and Robert’s tenure as chairman at the Society of Professional Economists webinar ‘The OBR at 10’ or download the presentation slides and accompanying speaking note.
OECD review hails OBR’s outputs and independence
24 September 2020 | Announcements
During its first decade in operation the Office for Budget Responsibility has established itself as a fixed part of the UK’s institutional landscape, delivering high quality publications, reducing bias in official forecasts and bringing greater transparency to the public finances, according to an external review led by the Organisation for Economic Cooperation and Development. The…
Public sector net debt hits £2 trillion for the first time
21 August 2020 | Monthly public finances release, Announcements
The budget deficit rose sharply again in July, topping £150 billion for the year-to-date and pushing public sector net debt over £2 trillion for the first time. But year-to-date borrowing is lower than in our Fiscal sustainability report central scenario. That reflects lower departmental spending and loan guarantee write-off costs that have yet to be…
Richard Hughes confirmed as the next Chair of the OBR
15 July 2020 | Announcements
In June, the Chancellor nominated Richard Hughes as the next Chair of the Office for Budget Responsibility when Robert Chote ends his final term in October. The Treasury Select Committee has now confirmed the appointment. Find out more on the Treasury Select Committee’s website.
Sir Chris Kelly re-appointed
16 June 2020 | Announcements
The Chancellor of the Exchequer has announced that Sir Chris Kelly has been re-appointed as a non-executive member of the OBR and Oversight Board chair. Sir Christopher Kelly said: “I am delighted to be re-appointed as the Chair of the Oversight Board of the Office for Budget Responsibility. The role of the OBR is as…
Treasury announces candidate for next Chair of the OBR
5 June 2020 | Announcements
The Chancellor has nominated Richard Hughes as the next Chair of the Office for Budget Responsibility when Robert Chote ends his final term in October. The appointment is subject to approval from the TSC. Robert Chote commented: “I am delighted that the Chancellor has nominated Richard Hughes to succeed me as Chairman of the OBR…
Treasury launches search for new Chair of the OBR
23 January 2020 | Announcements
Today the Treasury has launched the recruitment campaign to find Robert Chote’s successor as the next Chair of the OBR. Robert has led the independent fiscal watchdog since 3 October 2010, and is therefore approaching the end of his second and final five-year term. The chair and other members of the Budget Responsibility Committee (BRC) are…