Budget 2021 date announced
The Chancellor has announced that the Budget 2021 will take place on Wednesday 3 March. Our latest outlook for the economy and public finances will be released on the same day.
Category Archive: What’s new
Coronavirus pushes the budget deficit to almost £400 billion
Coronavirus has caused our economy to shrink 11 per cent this year – the largest drop in over 300 years. But the economy recovers its pre-virus level by the end of 2022. Support for public services, households and businesses costs £280 billion this year, pushing the deficit to £394 billion (19 per cent of GDP,…
Budget deficit tops £200 billion in six months
Halfway through the 2020-21 fiscal year, cumulative borrowing has reached £208 billion, £51 billion above full-year borrowing in 2009-10 (at the peak of the financial crisis). Year-to-date borrowing is still lower than assumed in the central scenario from our Fiscal sustainability report, as both GDP and tax receipts have fared better than assumed. But with a…
Budget deficit reaches £174 billion in just five months
Less than halfway through the 2020-21 fiscal year, the budget deficit has already topped full-year borrowing in 2009-10 (at the peak of the financial crisis). Despite that, year-to-date borrowing is lower than assumed in the central scenario from our Fiscal sustainability report, as both GDP and tax receipts have fared less badly than assumed. With…
OECD review hails OBR’s outputs and independence
During its first decade in operation the Office for Budget Responsibility has established itself as a fixed part of the UK’s institutional landscape, delivering high quality publications, reducing bias in official forecasts and bringing greater transparency to the public finances, according to an external review led by the Organisation for Economic Cooperation and Development. The…
Public sector net debt hits £2 trillion for the first time
The budget deficit rose sharply again in July, topping £150 billion for the year-to-date and pushing public sector net debt over £2 trillion for the first time. But year-to-date borrowing is lower than in our Fiscal sustainability report central scenario. That reflects lower departmental spending and loan guarantee write-off costs that have yet to be…
Budget deficit reaches £128 billion in just three months
The budget deficit continues to rise sharply. Three months into the 2020-21 fiscal year, tax payments received by HMRC are down by 35 per cent on last year, while central government spending is up 40 per cent. But year-to-date borrowing is lower than assumed in the central scenario from our Fiscal sustainability report. That reflects…
Richard Hughes confirmed as the next Chair of the OBR
In June, the Chancellor nominated Richard Hughes as the next Chair of the Office for Budget Responsibility when Robert Chote ends his final term in October. The Treasury Select Committee has now confirmed the appointment. Find out more on the Treasury Select Committee’s website.
July 2020 Fiscal sustainability report– press conference speaking notes and slides
Robert Chote distils the key messages from our latest Fiscal sustainability report in his press conference presentation and accompanying speaking note.
Budget deficit to hit a peacetime record
The coronavirus outbreak and the public health measures taken to contain it have delivered one of the largest ever shocks to the UK economy and public finances. In the Fiscal sustainability report, our three medium-term scenarios (upside, central and downside) see the largest decline in annual GDP for 300 years this year, accompanied by an unprecedented…