Government records a £0.2 billion deficit in July


Higher receipts reduced borrowing compared to last year, despite a fall in corporation tax receipts. Borrowing remains higher in the first four months of the year than last year, but we expect stronger growth in receipts in the final few months of the financial year.


What else is new

21st August 2014

The OBR is committed to publishing further information underlying our forecasts and projections. As a result of a recent request for information underlying our March 2014 Economic and fiscal outlook, we published the assumptions we used for eligible rent growth within our Housing Benefit forecast on 21 August 2014.

30th July 2014

Robert Chote has issued a note on the Government’s new proposals on migrants’ benefits announced on 29 July and the Government’s reference to £500 million of savings expected over the next five years.

23rd July 2014

The Treasury Select Committee announced that “Having considered his oral and written evidence, and taking into account his previous appearances before the Treasury Committee, we are satisfied that Graham Parker has the professional competence and personal independence to be reappointed as a member of the Budget Responsibility Committee. We therefore consent to his appointment. We […]

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. more

What's coming

Public finances release
Public finances release
Forecast evaluation report

More of what's coming