Budget deficit higher this year, but back to balance by 2018-19

EFO-12-14

Despite stronger growth, we have revised up our estimate of the budget deficit this year. 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.

What else is new

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.

8th December 2014

Following publication of our December 2014 Economic and fiscal outlook (EFO) we have received a number of requests for supplementary forecast information. As a result, we have published a more detailed breakdown of changes in our debt interest forecast since the March 2014 EFO, extensions of the ‘Resource DEL spending’ table in Box 4.6 in the latest EFO and […]

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

22
JAN
Public finances release
20
FEB
Public finances release
18
MAR
Economic and fiscal outlook

More of what's coming