Category Archive: What’s new

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…

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…

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.

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…

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…

Since the publication of our March 2021 Economic and fiscal outlook we have received a request for further detail on our betting and gaming duties forecast. We have published this new supplementary forecast information below and on the March 2021 EFO page. We have also published updated monthly profiles below and on our monthly commentary…

Richard Hughes spoke at the conclusion of the National Institute of Economic and Social Research’s (NIESR) ‘Future fiscal frameworks’ event on Monday 26 April, highlighting the lessons of the last decade for economic forecasters.

The initial estimate of government borrowing for the 2020-21 fiscal year of £303.1 billion is roughly double the previous record set at the height of the financial crisis in 2009-10 (£157.7 billion). But it is £24.3 billion below our March forecast on a like-for-like basis (and £51.5 billion below it including loan write-offs that are…

Every two years the Office for Budget Responsibility produces a report on the fiscal risks facing the UK. Our next Fiscal risks report (FRR) is due to be released this summer.  This FRR is being prepared in the wake of the largest fiscal risk to have crystallised in peacetime – the coronavirus pandemic – the economic and fiscal consequences of which continue to be felt. It will therefore…

Since the publication of our March 2021 Economic and fiscal outlook we have received a request for further detail on the ‘state pensions underpayment correction’ measure. We have published this new supplementary forecast information below and on the March 2021 EFO page.