"It is the duty of the Office to examine and report on the sustainability of the public finances"
Since the publication of our November 2016 Economic and fiscal outlook we have received a request to publish the receipts and spending breakdowns of the alternative decomposition of changes in borrowing and a breakdown of changes in the oil and gas revenues forecast. We have published this new supplementary forecast information on the main EFO…
Since the publication of our November 2016 Devolved taxes we have received a request to publish further detail of our forecasts. We have published this new supplementary forecast information on the main EFO page of our website.
Robert Chote distils the key messages from our latest Economic and fiscal outlook – published today – in his press conference presentation and accompanying speaking note.
The Government is no longer on course to balance the budget during the current Parliament and has formally dropped this ambition in a significant loosening of its fiscal targets. Public sector net borrowing is now expected to fall more slowly than we forecast in March, primarily reflecting weak tax receipts so far this year and…
The Chancellor has relaxed his fiscal targets to make space for a modest infrastructure spending giveaway over the next five years. A weaker outlook for the economy and tax revenues – and these new spending commitments – mean that the budget is no longer expected to return to surplus in this Parliament, with a £21…
Pre-announced tax changes encourage house buyers to bring forward purchases, costing Government tax revenue. Download Working paper No.10: Forestalling ahead of property tax changes
Straightforward cuts in the generosity of benefits and tax credits are proving more reliable ways to cut the welfare budget than complex structural reforms to incapacity and disability benefits.
Deficit overshoot against 2010 forecast dominated by £85 billion weaker than expected receipts.
Straightforward cuts in the generosity of benefits and tax credits are proving more reliable ways to cut the welfare budget than complex structural reforms to incapacity and disability benefits. Read more in our latest Welfare trends report.
We’re consulting on the content of our Fiscal risks report, due to be published for the first time next year.