May 24, 2016

Weak bonus payments prompt upward revision to budget deficit

PSF commentary chart May 2016-3The Office for National Statistics has revised up its initial estimate of last year’s budget deficit by £2.0 billion to £76.0 billion, largely reflecting weaker-than-expected income tax revenue from bonus payments. Borrowing in the first month of the new fiscal year was £0.3 billion down on last year, but slightly higher than market expectations. This may not be much of a guide to the trend over the full year.

  • Key public finances data since 1920

September 3, 2015

HM Treasury review of the Office for Budget Responsibility


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.


Upcoming Events

  • 21
    Monthly public finances release
  • 12
    Fiscal sustainability report
  • 21
    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