Government spending plans remain within a fiscal rule to show debt falling as a share of the economy in a few years’ time, but this largely relies on fuel duty rising – a prospect described by a...
The government's fiscal credibility is at risk amid the possibility it announces pre-election tax cuts or spending later this year – on top of an upcoming Budget already based on ‘fiscal fiction’ – a...
Lower-than-expected output at the end of 2023 meant the UK economy experienced a technical recession in the second half of last year, the Office for National Statistics has said.
The government has only met its target to show debt will fall by “pretending” certain measures, including the fuel duty freeze, will end this year, economists at the Institute for Fiscal Studies have...
The government will need to adopt permanent tax hikes or spending cuts to avoid debt soaring to more than 300% of GDP by the 2070s, the Office for Budget Responsibility has warned.
Despite higher tax income and lower spending on energy support, the government has less fiscal headroom than any in recent years, the Office for Budget Responsibility has said.
Economic volatility from shocks such as wars and Covid-19 have been the “most difficult thing” for Office for Budget Responsibility forecasters to contend with when trying to help the government plan...
Higher borrowing costs and spiralling inflation amid weaker economic growth mean public finances have “materially worsened” since March, the Office for Budget Responsibility has said.
Chancellor Jeremy Hunt has announced that the government’s fiscal statement will be delayed by more than two weeks, following the appointment of Rishi Sunak as prime minister.
New chancellor Kwasi Kwarteng announced a raft of tax cuts including a reduction in national insurance payments, in a move he said will shift the economy from a “vicious cycle of stagnation into a...
The Treasury has confirmed the fiscal event taking place on Friday will not come alongside a full forecast from the Office for Budget Responsibility, despite concerns from MPs and experts.
New chancellor Kwasi Kwarteng’s first ‘fiscal event’ to provide more details on the energy support package will take place on 23 September, PF understands.
Government debt could peak at more than three times GDP over the long-term without tax rises or spending reductions, the Office for Budget Responsibility has warned.
Public sector workers face a hefty average real-terms pay cut of around £1,800 pounds in 2022-23 as chancellor Rishi Sunak looks to protect his spending plans without raising taxes further, ...
Chancellor Rishi Sunak will have some ‘wiggle room’ to help tackle the rising cost of living in his Spring Statement as government borrowing undershoots forecasts, according to an influential...
The government has failed to budget for £30bn of additional costs resulting from Covid-19 over the next three years, according to the Office for Budget Responsibility.
UK GDP is forecast to grow by 7.25% this year, as Covid-19 restrictions are lifted – the fastest growth since the Second World War, according to the Bank of England.
The government’s 2021 Budget spending plans are at risk because they assume no Covid-19-related support after next year, according to the chairman of the Office for Budget Responsibility.
Central government bodies’ day-to-day spending rose to £86bn last month, the highest monthly total since May, according to the Office for National Statistics.
The government is set to borrow a peacetime record £394bn this year, as it funds Covid-19 support measures, according to the Office for Budget Responsibility.
Economists’ predictions for the contraction in the UK’s GDP following Covid-19 became more pessimistic in August, according to the latest independent forecasts published by the Treasury.
Public sector net borrowing in the UK in April was £5.8bn – £0.03bn less than in April 2018. This represents the lowest April borrowing figure since 2007, official statistics have revealed.
