Deficit down £6 billion so far in 2014-15

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A £3.6 billion downward revision to borrowing in the first nine months of the year, plus January’s strong growth in self-assessment tax receipts and lower debt interest spending, mean public sector net borrowing is now estimated to be down £6 billion in 2014-15 to date. That is in line with our December forecast, though uncertainties remain.

 

What else is new

22nd January 2015

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 […]

10th December 2014

Lord Burns, Chair of the OBR’s Oversight Board wrote to Robert Chote and Sir Nicholas Macpherson, Permanent Secretary, HM Treasury asking them to comment on the recommendations made by the first External Review into the OBR.  These letters, and the subsequent replies, are published below.

9th December 2014

Robert Chote has exchanged letters with Alyson Stafford, Director-General Finance, Scottish Government on the subject of forecasting the Scottish land and buildings transactions tax and the Scottish landfill tax over our 5-year forecast horizon.

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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