The pandemic caused the deepest recession in the UK in living memory, prompted the largest fiscal policy response outside the World Wars, and has, so far, been followed by an unusually rapid economic recovery. The past two years also reshaped welfare spending and can be expected to continue to do so. So this year’s Welfare…
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Higher inflation pushes debt interest spending up sharply
23 June 2022 | Monthly public finances release
The budget deficit continued to fall in May, with year-to-date borrowing of £35.9 billion down £6.4 billion on last year. But it was £6.4 billion above our most recent forecast profile. This overshoot reflects both lower receipts and higher spending – with debt interest spending in the year to date a fifth higher than forecast…
Cash tax receipts outperform our forecast in April
24 May 2022 | Monthly public finances release
The budget deficit continued to fall in April 2022, with borrowing of £18.6 billion down £5.6 billion on last year and just £0.6 billion below our most recent forecast profile. By contrast the more timely data from cash receipts were particularly strong, up 18.5 per cent on last April and £6.4 billion (10.2 per cent)…
Welfare trends report – May 2022
24 May 2022 | Welfare trends report
The pandemic caused the deepest recession in the UK in living memory, prompted the largest fiscal policy response outside the World Wars, and has, so far, been followed by an unusually rapid economic recovery. The past two years also reshaped welfare spending and can be expected to continue to do so. So this year’s Welfare…
March 2022 Economic and fiscal outlook
23 March 2022 | Economic and fiscal outlook
Our latest Economic and fiscal outlook will be published today alongside the Chancellor’s Spring Statement. It will set out forecasts for the economy and the public finances, and an assessment of whether the Government is likely to achieve its fiscal targets.