January 22, 2016

December budget deficit below market expectations

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Public sector net borrowing came in at £7.5 billion in December, £4.3 billion down on last year and £3 billion below market expectations. Receipts were up on last year for most taxes, while spending was lower as timing effects unwound. Our November forecast assumes stronger receipts growth over the rest of the year, but considerable uncertainty remains.

  • Key public finances data since 1920

September 3, 2015

HM Treasury review of the Office for Budget Responsibility

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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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    Monthly public finances release
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    Economic and fiscal outlook
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    Monthly public finances release

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.

Read more about us