After the second ‘once in a century’ shock in just two decades, our third Fiscal risks report focuses on three large, and potentially catastrophic, sources of fiscal risks. The pandemic could leave £10 billion per year in spending pressures and long-term economic scars. While unmitigated climate change would spell disaster, the net fiscal costs of…
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Budget deficit down over £100 billion so far in 2021-22
19 November 2021 | Monthly public finances release
Government borrowing in October 2021 was £18.8 billion, down £0.2 billion from last year. But year to date borrowing of £127.3 billion is down £103.4 billion (44.8 per cent) on the same period last year. This reflects the economic recovery boosting receipts and the lower cost of pandemic-related support schemes, but is partially offset by…
The Chair’s presentation on our latest economic and fiscal forecast
27 October 2021 | Economic and fiscal outlook
Richard Hughes distils the key messages from our latest Economic and fiscal outlook in his press conference presentation and accompanying speaking note.
Rebounding economy and tax rises fund larger post-pandemic state
27 October 2021 | Economic and fiscal outlook
A rebounding economy has provided the Chancellor with a Budget windfall that he has added to with tax rises that lift the tax burden to its highest since the early 1950s. He has used these revenues to fund a large increase in public spending, while reducing the budget deficit to pre-pandemic levels, and meeting his…
Borrowing continues to undershoot forecast
21 September 2021 | Monthly public finances release
Government borrowing in August 2021 was £20.5 billion, down £5.5 billion from the same month last year. Year to date borrowing of £93.8 billion is now £31.9 billion below our March forecast profile. That reflects both stronger than expected receipts (thanks largely to a faster than expected economic recovery) and lower than expected spending (due…
Borrowing continues to fall faster than expected
20 August 2021 | Monthly public finances release
Government borrowing in July 2021 was £10.4 billion, down £10.1 billion from the same month last year. Year-to-date borrowing of £78.0 billion is now £26.1 billion below our March forecast profile. That reflects both stronger-than-expected receipts (thanks largely to a faster-than-expected economic recovery) and lower-than-expected spending (due to the faster-than-expected unwinding of covid-related government support).
Budget deficit continues to fall faster than expected
21 July 2021 | Monthly public finances release
Government borrowing in June 2021 was £22.8 billion, down over 19 per cent from last year. Year-to-date borrowing of £69.5 billion is now £19.0 billion below our March forecast profile. That reflects both stronger-than-expected receipts (consistent with the faster economic rebound in recent months) and lower-than-expected spending (perhaps reflecting continued shortfalls in spending on pandemic-related…
The Chair’s presentation on our third Fiscal risks report
6 July 2021
Richard Hughes distils the key messages from our third Fiscal risks report in his press conference presentation and accompanying speaking note.
Fiscal risks report 2021
6 July 2021 | Fiscal risks report
After the second ‘once in a century’ shock in just two decades, our third Fiscal risks report focuses on three large, and potentially catastrophic, sources of fiscal risks. The pandemic could leave £10 billion per year in spending pressures and long-term economic scars. While unmitigated climate change would spell disaster, the net fiscal costs of…
Annual report and accounts 2020-21
5 July 2021 | Announcements
We have just published our Annual report and accounts 2020-21, which outlines our achievements over the past year and contains an assessment of how we have performed our main duties by our non-executive members. It also contains our accounts for the last financial year and information about how we work.
Falling budget deficit continues to undershoot forecast
22 June 2021 | Monthly public finances release
Government borrowing in May 2021 was £24.3 billion, down over 40 per cent from last year. And year-to-date borrowing of £53.4 billion is £14.1 billion below our March forecast profile. More than a third of that reflects differences in the timing of EU divorce bill payments. But lower spending and moderately stronger receipts growth mean…