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.

Our latest Forecast evaluation report (FER) will be published at 11am on Tuesday 31 January. Our FER examines how our forecasts compare to subsequent outturn data and identifies lessons for future forecasts. This report will focus on how our March 2022 and November 2022 economy and fiscal forecasts for 2021-22 fared against the outturns.

Borrowing in November was £22.0 billion, the highest November figure since monthly records began, largely thanks to a sharp rise in public spending due to the cost of energy and cost-of-living support schemes introduced this year. Borrowing in the first eight months of 2022-23 was £7.8 billion below our November forecast profile published today, largely…

We have published updated monthly profiles for receipts, spending and borrowing in 2022-23 consistent with our November 2022 Economic and fiscal outlook below and alongside our monthly commentary on the public finances.

The Chancellor has announced that the Spring Budget 2023 will take place on Wednesday 15 March. That day we will release the latest outlook for the economy and public finances.

Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information into our forecast of income streams subject to self-assessment income tax. We have published this new supplementary forecast information below and on the November 2022 EFO page.

Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our income tax and National Insurance contributions forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.

Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our Ofgem price cap forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.

Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our emissions trading scheme receipts forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.

On 18 November, the Chair of the Economic Affairs Committee, Lord Bridges of Headley MBE sent a letter to Chair Richard Hughes regarding the OBR’s welfare spending forecasts. Richard Hughes replied with further information on 25 November. Both letters are available below.  

Since the publication of our November 2022 Economic and fiscal outlook (EFO) we have received a request for further information on our welfare spending forecast. We have published this new supplementary forecast information below and on the November 2022 EFO page.

Government borrowing in October 2022 was £13.5 billion, £4.4 billion higher than last year – thanks to the first payments from two energy support schemes for households. But year-to-date borrowing of £84.4 billion is down £21.7 billion (20.5 per cent) on last year – thanks to stronger tax receipts and no spending on Covid schemes,…

Richard Hughes distils the key messages from our latest Economic and fiscal outlook in his press conference presentation and accompanying speaking note.  

Over £100 billion of additional fiscal support over the next two years cushions the blow of higher energy prices – but the economy still falls into recession and living standards fall 7 per cent over two years, wiping out eight years’ growth. Over the medium term, around £40 billion in tax rises and spending cuts…

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…