Other news

bar chart in document icon

Supplementary forecast information on Ofgem price cap

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.

bar chart in document icon

Supplementary forecast information on emissions trading scheme receipts

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.

letter in envelope icon

Exchange of letters between Lord Bridges and Richard Hughes

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.  

bar chart in document icon

Supplementary forecast information: welfare spending

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.

Line chart showing cumulative public sector net borrowing

Budget deficit starts rising again in October

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,…

Government support tempers recession before consolidation stabilises public debt

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…

Overview of the November 2022 Economic and fiscal outlook

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…

efo icon

Details regarding our upcoming Economic and fiscal outlook

Press briefing We will publish our latest Economic and fiscal outlook (EFO) on Thursday 17 November, once the Chancellor has completed his Autumn Statement in Parliament. Richard Hughes, OBR Chair, will present the main judgements and conclusions of the EFO live on Slido or on our YouTube channel at 2pm. There will be a Q&A…

efo icon

Update on our Autumn 2022 forecast

The Chancellor has announced that the publication of our forecast will be set to a later date of 17 November. That day our latest outlook for the economy and public finances will accompany the Chancellor’s Autumn Statement. Earlier this month we published a timetable for the 31 October forecast process. We have now amended the…

efo icon

Forecast timetable to 31 October published

On 10 October the Chancellor announced that the publication of our forecast will be brought forward to Monday 31 October. That day we will publish our latest outlook for the economy and public finances. In light of the heightened public interest, and in response to the recommendations of our Non-Executive Members’ recent review of the forecast…

BRC meeting with Prime Minister and Chancellor

OBR meeting with the Prime Minister and Chancellor

The OBR’s Budget Responsibility Committee met with the Prime Minister and Chancellor this morning. We discussed the economic and fiscal outlook and the forecast we are preparing for the Chancellor’s Medium-term Fiscal Plan. We will deliver the first iteration of that forecast to the Chancellor on Friday 7 October and will set out the full…

letter in envelope icon

Exchange of letters between Mel Stride MP and Richard Hughes

In August the Chair of the Treasury Select Committee, Mel Stride MP and Chair Richard Hughes exchanged letters regarding the OBR’s preparations for a potential Emergency Budget. Richard Hughes has now updated Mel Stride on the 23 November forecast timetable.

efo icon

Next steps in the November 2022 forecast

The Chancellor has commissioned the OBR to publish an updated forecast on 23 November alongside the Medium-Term Fiscal Plan. As part of every forecasting process, we provide the Chancellor with a series of interim drafts of our forecasts as an input into policymaking in the run-up to the final, published Economic and fiscal outlook. The Chancellor…