Our latest Forecast evaluation report examines the performance of our March 2023 forecast and scenarios and draws lessons for future exercises. During 2023-24, GDP growth was close to zero and in line with our forecast. Despite rapid falls in energy prices, inflation was still higher than we forecast due to more substantial pass-through of prior energy price rises and stronger wage growth. Growth in the number of workers exceeded our expectations too as net migration reached record levels. Our borrowing forecast was slightly higher than outturn due to higher-than-expected tax receipts driven by higher earnings, and less of an increase in public spending.
"It is the duty of the Office to examine and report on the sustainability of the public finances"