Category Archive: What’s new

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…

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.

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.

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…

We have published updated monthly profiles for receipts, spending and borrowing in 2022-23 consistent with our November 2022 Economic and fiscal outlook below and alongside our monthly commentary on the public finances.

Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information into our forecast of income streams subject to self-assessment income tax. We have published this new supplementary forecast information below and on the November 2022 EFO page.

Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our income tax and National Insurance contributions forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.

Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our Ofgem price cap forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.

Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our emissions trading scheme receipts forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.

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.