Category Archive: Home

bar chart in document icon

Supplementary forecast information on our long-term fiscal projections

Since the publication of our September 2024 Fiscal risks and sustainability (FRS) report, we have received a request for further detail on our long-term fiscal projections. We have published this new supplementary forecast information below and on the September 2024 FRS page.

Red box and EFO

Budget delivers large increases in spending, tax, and borrowing

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…

Want a quick summary?

Read the executive summary of the October 2024 Economic and fiscal outlook

Forecast evaluation report October 2024

Forecast evaluation report 2024

Our latest Forecast evaluation report examines the performance of our March 2023 forecast and scenarios and draws lessons for future exercises. During 2023-24, GDP growth was close to zero and in line with our forecast. Despite rapid falls in energy prices, inflation was still higher than we forecast due to more substantial pass-through of prior…