Budget deficit rises in first half of 2014-15


Public sector net borrowing is up £5.4 billion year-on-year in the first half of 2014-15. While income tax receipts are expected to be end-loaded this year due to income shifting around last year’s cut in the additional rate of income tax, genuine weaknesses mean it is looking likely that our full year receipts growth forecast will not be met.


What else is new

16th October 2014

Our first Welfare trends report looks back at the past three decades of welfare spending and forward to prospects over the coming five years. We consider the key risks to our forecast for welfare spending, both inside and outside the Government’s ‘welfare cap’. Supporting documents can be accessed via the main Welfare trends report page […]

16th October 2014

Our latest Forecast evaluation report focuses on developments in 2013-14, a year that saw growth pick up strongly and the budget deficit narrow further. In particular, we consider why it was that we under-estimated the pick-up in growth from early 2013, but why did the budget deficit not fall more rapidly as a consequence. We […]

9th September 2014

Our 7th Working Paper explains the evolution of the public finances from the outbreak of the global financial crisis in 2007-08 to the end of our forecast in 2018-19. This period saw the largest peacetime shock to the public finances in living memory, and ends with one of the biggest deficit reduction programmes seen in […]

What we do

The Office for Budget Responsibility:

  • produces forecasts for the economy and public finances,
  • judges progress towards the Government's fiscal targets,
  • assesses the long-term sustainability of the public finances,
  • scrutinises the Treasury's costing of tax and welfare measures.

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Public finances release
Economic and fiscal outlook
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