Higher receipts push deficit down


Growth in income tax, NICs, VAT and corporation tax saw borrowing come in £2.5 billion lower in April than in the same month last year. However, this early estimate will be subject to revision over the coming months, as more information on actual receipts and spending is made available.

What else is new

22nd May 2015

The Chancellor of the Exchequer has announced that there will be a Summer Budget on Wednesday 8 July 2015. We will publish an updated forecast for the economy and public finances in our Economic and fiscal outlook alongside the statement. Reflecting this change to our usual timetable, we will publish abbreviated editions of our Fiscal sustainability and […]

18th March 2015

The Government’s policy decisions in Budget 2015 have led us to revise down our deficit forecasts, to expect the debt-to-GDP ratio to fall a year earlier and to revise up public spending as a share of GDP in five years’ time. Our forecast implies the Government is on track to meet its new fiscal mandate […]

18th March 2015

The Office for Budget Responsibility established an advisory panel of leading economic and fiscal experts in 2011 to help develop and scrutinise its work programme and methods. The panel reflects our determination to ensure that our work is of the highest analytical quality. Since the establishment of the panel we have held annual meetings 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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What's coming

Welfare trends and Fiscal sustainability reports
Public finances release
Budget and Economic and fiscal outlook

More of what's coming