April 21, 2016

Budget deficit falls to £74 billion in 2015-16

PSF commentary PSNBThe public sector borrowed £74.0 billion in 2015-16, according to the first provisional estimate from the Office for National Statistics. This is £17.7 billion down on last year. The deficit was £1.8 billion higher than we forecast at the time of the Budget in March, more than explained by a £2.1 billion overshoot for local authorities. But, as we pointed out then, these initial annual estimates are highly provisional – since 2011-12 they have been revised up or (more often) down by an average of £3.5 billion over the subsequent 12 months.

  • Key public finances data since 1920

September 3, 2015

HM Treasury review of the Office for Budget Responsibility

HMTReviewCover2

In June 2015, the Chancellor to the Exchequer asked Sir Dave Ramsden, Chief Economic Adviser to HM Treasury, to carry out a review of the OBR. The review, published in September 2015, reflected the findings in the External review led by Kevin Page and made a number of recommendations that would strengthen our existing work and allow us to provide deeper and broader scrutiny of its management of the public finances.

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About the OBR

The Office for Budget Responsibility:

  • produces forecasts for the economy and public finances,
  • judges progress towards the Government’s fiscal targets and welfare spending targets,
  • assesses the public sector balance sheet and the long-term sustainability of the public finances,
  • identifies risks to the economic and fiscal outlook,
  • scrutinises the Treasury’s costing of tax and welfare measures.

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