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.
Public sector net borrowing for the financial year ending March 2017 has decreased by £20bn to £52bn compared to the previous financial year, according to the latest figures from the...
Chancellor Philip Hammond welcomed a more optimistic immediate outlook for the economy and public finances as he revealed the latest Office for Budget Responsibility economic forecasts.
Public sector borrowing has increased in the first two months of 2016-17, despite large reductions in grants from Whitehall to local authorities, according to figures from the Office for National...
Chancellor George Osborne has been warned that the government could miss its deficit target for 2015/16 by as much as £7bn after public sector borrowing for November increased by £1.3bn compared to...
The Office for Budget Responsibility increased its forecast for government borrowing this year due to the reclassification of housing associations as part of the public sector, but has predicted a...
