Category Archive: What’s new

Chart showing cumulative public sector net borrowing

Year-to-date deficit rises, but by less than forecast

Borrowing in the first nine months of 2022-23 was £128.1 billion, up £5.1 billion on last year but £2.7 billion below our November forecast profile in the headline figures and £11.3 billion below profile on a like-for-like basis (correcting for a temporary difference in student loans figures in our forecast profile versus ONS outturn). This…

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March 2023 forecast timetable

On 19 December the Chancellor announced that the Spring Budget 2023 will be held on Wednesday 15 March and commissioned us to publish our latest outlook for the economy and public finances that day. We have now agreed the timetable for the forecast process and published the detail below.

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Forecast evaluation report – January 2023

Our latest Forecast evaluation report (FER) will be published at 11am on Tuesday 31 January. Our FER examines how our forecasts compare to subsequent outturn data and identifies lessons for future forecasts. This report will focus on how our March 2022 and November 2022 economy and fiscal forecasts for 2021-22 fared against the outturns.

Line chart showing cumulative public sector net borrowing

Government support drives record November borrowing

Borrowing in November was £22.0 billion, the highest November figure since monthly records began, largely thanks to a sharp rise in public spending due to the cost of energy and cost-of-living support schemes introduced this year. Borrowing in the first eight months of 2022-23 was £7.8 billion below our November forecast profile published today, largely…