"It is the duty of the Office to examine and report on the sustainability of the public finances"
On 16 December 2024 the Chancellor commissioned us to publish our latest outlook for the economy and public finances on Wednesday 26 March. We have now agreed the timetable for the forecast process and published the detail below. Update on 12 March: Financial market assumptions and the incorporation of outturn data The final pre-measures fiscal…
Since the publication of our October 2024 Economic and fiscal outlook (EFO) we have received requests for further information on the costing of changes to carried interest, non-domicile regime, and IHT on pensions measures. We have published this new supplementary forecast information below and on the October 2024 EFO page.
Since the publication of our October 2024 Economic and fiscal outlook (EFO) we have received requests for further information on the costing of changes to agricultural and business property reliefs and capital gains tax measures. We have published this new supplementary forecast information below and on the October 2024 EFO page.
We explore alternative scenarios for the impact of public investment on economic growth and how they relate to our central forecast in October.
The Chancellor has announced that the Spring forecast will take place on Wednesday 26 March 2025. Our latest outlook for the economy and public finances will be released on the same day.
Since the publication of our October 2024 Economic and fiscal outlook (EFO) we have received requests for further information on our carbon price forecast and detail underlying our environmental levies forecast. We have published this new supplementary forecast information below and on the October 2024 EFO page.
Richard Hughes, Chair of the OBR, explains the top 5 takeaways from our report.
Read our Review and letter to the Chair of the Treasury Select Committee.
Alongside the October 2024 Economic and fiscal outlook we published our Review of the March 2024 departmental expenditure limits (DEL) forecast. We also wrote to the Chair of the Treasury Select Committee with the findings, recommendations and answers to questions received about the review process.
The Budget increases spending by £70 billion annually, with two-thirds on current and one-third on capital spending. Half is funded through tax increases which raise £36 billion annually and push the tax take to a record 38 per cent of GDP. The rest is funded by £32 billion more borrowing annually which temporarily boosts GDP…