"It is the duty of the Office to examine and report on the sustainability of the public finances"
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.
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.
Richard Hughes distils the key messages from our latest Economic and fiscal outlook in his press conference presentation and accompanying speaking note.
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…
Press briefing We will publish our latest Economic and fiscal outlook (EFO) on Thursday 17 November, once the Chancellor has completed his Autumn Statement in Parliament. Richard Hughes, OBR Chair, will present the main judgements and conclusions of the EFO live on Slido or on our YouTube channel at 2pm. There will be a Q&A…
We will publish our latest outlook for the economy and public finances alongside the Chancellor’s Autumn Statement on Thursday 17 November. Earlier this month we published a timetable for the 31 October forecast process. We have now published a revised timetable.
On 10 October the Chancellor announced that the publication of our forecast will be brought forward to Monday 31 October. That day we will publish our latest outlook for the economy and public finances. In light of the heightened public interest, and in response to the recommendations of our Non-Executive Members’ recent review of the forecast…
The OBR’s Budget Responsibility Committee met with the Prime Minister and Chancellor this morning. We discussed the economic and fiscal outlook and the forecast we are preparing for the Chancellor’s Medium-term Fiscal Plan. We will deliver the first iteration of that forecast to the Chancellor on Friday 7 October and will set out the full…
In August the Chair of the Treasury Select Committee, Mel Stride MP and Chair Richard Hughes exchanged letters regarding the OBR’s preparations for a potential Emergency Budget. Richard Hughes has now updated Mel Stride on the 23 November forecast timetable.
The Chancellor has commissioned the OBR to publish an updated forecast on 23 November alongside the Medium-Term Fiscal Plan. As part of every forecasting process, we provide the Chancellor with a series of interim drafts of our forecasts as an input into policymaking in the run-up to the final, published Economic and fiscal outlook. The Chancellor…