Category Archive: Economic and fiscal outlook

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

Read our Review and letter to the Chair of the Treasury Select Committee.

Alongside the October 2024 Economic and fiscal outlook we published our Review of the March 2024 departmental expenditure limits (DEL) forecast. We also wrote to the Chair of the Treasury Select Committee with the findings, recommendations and answers to questions received about the review process.

The Budget increases spending by £70 billion annually, with two-thirds on current and one-third on capital spending. Half is funded through tax increases which raise £36 billion annually and push the tax take to a record 38 per cent of GDP. The rest is funded by £32 billion more borrowing annually which temporarily boosts GDP…

Read the executive summary of the October 2024 Economic and fiscal outlook

Our latest Economic and fiscal outlook will be published today alongside the Chancellor’s Autumn Budget. It will set out forecasts for the economy and the public finances, and an assessment of whether the Government is likely to achieve its fiscal targets.

On 29 July 2024 the Chancellor announced that the Budget will be held on Wednesday 30 October 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. Update on 21 October: Financial market assumptions…

Since the publication of our March 2024 Economic and fiscal outlook (EFO) we have received a request for further information underlying our environmental levies forecast. We have published this new supplementary forecast information below and on the March 2024 EFO page.

The Chancellor has announced that the Autumn Budget will take place on Wednesday 30 October 2024. Our latest outlook for the economy and public finances will be released on the same day.

OBR Chair Richard Hughes has written to the Treasury Select Committee of the House of Commons to inform them that the OBR has initiated a review into the preparation of the Departmental Expenditure Limits (DEL) forecast for the March 2024 Economic and fiscal outlook (EFO). The review will conclude in advance of our next EFO…