Over £100 billion of additional fiscal support over the next two years cushions the blow of higher energy prices – but the economy still falls into recession and living standards fall 7 per cent over two years, wiping out eight years’ growth. Over the medium term, around £40 billion in tax rises and spending cuts…
Category Archive: Economic and fiscal outlook
Monthly profiles for 2022-23
21 December 2022
We have published updated monthly profiles for receipts, spending and borrowing in 2022-23 consistent with our November 2022 Economic and fiscal outlook below and alongside our monthly commentary on the public finances.
Spring 2023 forecast date announced
19 December 2022
The Chancellor has announced that the Spring Budget 2023 will take place on Wednesday 15 March. That day we will release the latest outlook for the economy and public finances.
Supplementary forecast information on income streams subject to self-assessment income tax
14 December 2022
Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information into our forecast of income streams subject to self-assessment income tax. We have published this new supplementary forecast information below and on the November 2022 EFO page.
Supplementary forecast information on income tax and National Insurance contributions
8 December 2022
Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our income tax and National Insurance contributions forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.
Supplementary forecast information on Ofgem price cap
1 December 2022
Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our Ofgem price cap forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.
Supplementary forecast information on emissions trading scheme receipts
1 December 2022
Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our emissions trading scheme receipts forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.
Exchange of letters between Lord Bridges and Richard Hughes
25 November 2022
On 18 November, the Chair of the Economic Affairs Committee, Lord Bridges of Headley MBE sent a letter to Chair Richard Hughes regarding the OBR’s welfare spending forecasts. Richard Hughes replied with further information on 25 November. Both letters are available below.
Supplementary forecast information: welfare spending
24 November 2022
Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our welfare spending forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.
The Chair’s presentation on our latest economic and fiscal forecast
17 November 2022
Richard Hughes distils the key messages from our latest Economic and fiscal outlook in his press conference presentation and accompanying speaking note.
Government support tempers recession before consolidation stabilises public debt
17 November 2022
Over £100 billion of additional fiscal support over the next two years cushions the blow of higher energy prices – but the economy still falls into recession and living standards fall 7 per cent over two years, wiping out eight years’ growth. Over the medium term, around £40 billion in tax rises and spending cuts…