"It is the duty of the Office to examine and report on the sustainability of the public finances"
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.
Over the past six months, the global energy and food supply shocks emanating from Russia’s invasion of Ukraine have intensified. The further curtailment of Russian imports saw European wholesale gas prices rise ten-fold from pre-pandemic levels, and markets now expect prices to remain four times higher in the medium term. Rising energy, food, and other…
Press briefing We will publish our latest Economic and fiscal outlook (EFO) on Thursday 17 November, once the Chancellor has completed his Autumn Statement in Parliament. Richard Hughes, OBR Chair, will present the main judgements and conclusions of the EFO live on Slido or on our YouTube channel at 2pm. There will be a Q&A…
The Chancellor has announced that the publication of our forecast will be set to a later date of 17 November. That day our latest outlook for the economy and public finances will accompany the Chancellor’s Autumn Statement. Earlier this month we published a timetable for the 31 October forecast process. We have now amended the…
On 10 October the Chancellor announced that the publication of our forecast will be brought forward to Monday 31 October. That day we will publish our latest outlook for the economy and public finances. In light of the heightened public interest, and in response to the recommendations of our Non-Executive Members’ recent review of the forecast…
The OBR’s Budget Responsibility Committee met with the Prime Minister and Chancellor this morning. We discussed the economic and fiscal outlook and the forecast we are preparing for the Chancellor’s Medium-term Fiscal Plan. We will deliver the first iteration of that forecast to the Chancellor on Friday 7 October and will set out the full…
The Chancellor has commissioned the OBR to publish an updated forecast on 23 November alongside the Medium-Term Fiscal Plan. As part of every forecasting process, we provide the Chancellor with a series of interim drafts of our forecasts as an input into policymaking in the run-up to the final, published Economic and fiscal outlook. The Chancellor…
We have been commissioned by the Chancellor to produce a forecast for Wednesday 23 November. That day we will release the latest outlook for the economy and public finances.
In little more than two years, the UK economy and public finances have felt the consequences of a global health crisis caused by Covid-19, a global security crisis sparked by Russia’s invasion of Ukraine, and a global energy crisis brought about by both. In a little over a decade, we have also felt the economic…
The public finances have emerged from the pandemic in better shape than expected. But Russia’s invasion of Ukraine will push inflation to a 40-year high of almost 9 per cent, and living standards are set for a historic fall over the next 12 months. The Chancellor used his Spring Statement to deliver rebates and tax…