Category Archive: What’s new

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HMT launches search for new Budget Responsibility Committee member

Last week HMT launched the recruitment campaign to find Professor Sir Charlie Bean’s successor as the economic expert on the Budget Responsibility Committee. The Budget Responsibility Committee (BRC) takes collective responsibility for the analysis and judgements that underpin the work of the office and consists of three executive members. Executive members are appointed by the…

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Budget deficit continues to fall faster than expected

Government borrowing in June 2021 was £22.8 billion, down over 19 per cent from last year. Year-to-date borrowing of £69.5 billion is now £19.0 billion below our March forecast profile. That reflects both stronger-than-expected receipts (consistent with the faster economic rebound in recent months) and lower-than-expected spending (perhaps reflecting continued shortfalls in spending on pandemic-related…

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Fiscal risks report 2021

After the second ‘once in a century’ shock in just two decades, our third Fiscal risks report focuses on three large, and potentially catastrophic, sources of fiscal risks. The pandemic could leave £10 billion per year in spending pressures and long-term economic scars. While unmitigated climate change would spell disaster, the net fiscal costs of…

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Annual report and accounts 2020-21

We have just published our Annual report and accounts 2020-21, which outlines our achievements over the past year and contains an assessment of how we have performed our main duties by our non-executive members. It also contains our accounts for the last financial year and information about how we work.

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Falling budget deficit continues to undershoot forecast

Government borrowing in May 2021 was £24.3 billion, down over 40 per cent from last year. And year-to-date borrowing of £53.4 billion is £14.1 billion below our March forecast profile. More than a third of that reflects differences in the timing of EU divorce bill payments. But lower spending and moderately stronger receipts growth mean…

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Welsh taxes outlook – June 2021 update

On 22 June we published a small update to the Welsh taxes outlook based on recent developments in land transaction tax and landfill disposals tax receipts. Ar 22 Mehefin cyhoeddwyd diweddariad bach gennym i ragolygon trethi Cymru yn seiliedig ar ddatblygiadau diweddar mewn derbyniadau treth trafodion tir a derbyniadau treth gwarediadau tirlenwi. Read the Welsh…

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Evidence to the Northern Ireland Finance Committee

On 9 June, OBR Chair Richard Hughes gave evidence to the Northern Ireland Finance Committee on the future role of an independent fiscal council for Northern Ireland. You can read the report on the Northern Ireland Assembly website or watch on NI Assembly TV.

Line chart showing cumulative public sector net borrowing

Budget deficit remains high, but now falling on last year

Government borrowing in April 2021 of £31.7 billion was £15.6 billion below last April and £7.3 billion below the profile consistent with our most recent forecast. The shortfall against forecast mostly relates to the timing of payments to the EU. The underlying outperformance is just £1.8 billion. Compared to last April, at the start of…

Fiscal risks report 2021 due 6 July

Fiscal risks report 2021 due 6 July

Every two years since 2017 the Office for Budget Responsibility produces a report on the fiscal risks facing the UK. We will publish our latest Fiscal risks report (FRR) on Tuesday 6 July. As previously announced, alongside providing updates on significant developments regarding specific risks highlighted in our previous reports, the 2021 FRR will focus…