Government eases public spending squeeze and reverses tax credit cuts, but stronger revenues and lower debt interest boost budget balance. Read the November 2015 Economic and fiscal outlook here.

The Office for National Statistics has announced today that “private registered providers” of social housing in England will be reclassified from the private to the public sector in the National Accounts. This includes most housing associations and some for-profit housing bodies. As a result, the outstanding debt of these bodies will be included in the…

This year’s Forecast evaluation report looks at the latest data for 2014-15 – five years on from our first forecast in June 2010. Lower-than-expected nominal GDP growth explains much of the error in our borrowing forecast from then, but receipts were weaker still. As a result, our borrowing forecast was £60 billion too optimistic, but…

The Chancellor nominated Robert Chote to serve a second and final term as Chair of the OBR. The Treasury Select Committee approved the re-appointment on 15 September 2015, saying that they were “satisfied that Robert Chote has the professional competence and personal independence to be reappointed as Chair of the OBR. His work over the last…

A Treasury review has concluded that the OBR is a “respected and successful” organisation five years after its creation. It recommends boosting the OBR’s current capacity and a new publication on fiscal risks, but rejects extending its remit to manifesto costings and distributional analysis. Read the HM Treasury Review of the OBR on GOV.UK The…

Our latest economic and fiscal forecast shows how the new Government has used its first Budget to loosen significantly the impending squeeze on public services spending that had been pencilled in by the Coalition in March. This is being financed by welfare cuts, net tax increases and three years of higher government borrowing. The Government has delayed…

The Chancellor of the Exchequer has announced that Lord Burns has been re-appointed as a non-executive member of the OBR. Read the HM Treasury press release here

July 2015 All policy costings presented to the Office for Budget Responsibility at Summer Budget 2015 were scrutinised and all-but-one were certified as reasonable, central estimates. All were included in our forecasts. The Government’s Summer Budget 2015 document briefly describes the methodologies underpinning these costings. In our July 2015 Economic and fiscal outlook we have published an assessment on the level of uncertainty associated…

Our fifth Fiscal sustainability report shows that further tax increases or spending cuts are likely to be needed after the current fiscal consolidation to help meet the costs of an ageing population. The full report and accompanying documents can be found on the main FSR page.

Our second Welfare trends report looks back at how our conclusions from last year’s report informed our most recent forecast for welfare spending. We also draw on international data to compare total spending allocated to social protection in the UK to that in other countries. Access the full report and accompanying documents.

The Chancellor of the Exchequer has announced that there will be a Summer Budget on Wednesday 8 July 2015. We will publish an updated forecast for the economy and public finances in our Economic and fiscal outlook alongside the statement. Reflecting this change to our usual timetable, we will publish abbreviated editions of our Fiscal sustainability and…

The Government’s policy decisions in Budget 2015 have led us to revise down our deficit forecasts, to expect the debt-to-GDP ratio to fall a year earlier and to revise up public spending as a share of GDP in five years’ time. Our forecast implies the Government is on track to meet its new fiscal mandate…

The Office for Budget Responsibility established an advisory panel of leading economic and fiscal experts in 2011 to help develop and scrutinise its work programme and methods. The panel reflects our determination to ensure that our work is of the highest analytical quality. Since the establishment of the panel we have held annual meetings in…

March 2015 All policy costings presented to the Office for Budget Responsibility at Budget 2015 were scrutinised and certified as reasonable, central estimates were included in our forecasts. The Government’s Budget 2015 document briefly describes the methodologies underpinning these costings. In our March 2015 Economic and fiscal outlook, for the first time we have published an assessment on the…

Despite stronger growth, we revised up our estimate of the budget deficit for this financial year in our latest forecast. But the budget is still forecast to be back in balance by 2018-19. The Government is on track to meet its fiscal mandate and the welfare cap, but not its supplementary debt target. The main Economic…