Last year’s budget deficit revised down thanks to income tax payments Public sector net borrowing in 2012-13 has been revised down by £1.4 billion this month to £119.5 billion, excluding transfers related to Royal Mail and the Asset Purchase Facility. This reflects unexpectedly strong income tax receipts. Financial bonuses may have fallen by less than we expected and fewer people than we thought may have pushed income into 2013-14 to take advantage of the cut in the highest income tax rate to 45p. What else is new21st May 2013
Since the publication of our most recent forecast the OBR has received a further request to release previously unpublished forecast series. We will release new supplementary fiscal tables showing LA spending by country on Wednesday 22 May at 11:00am. The release will be available in the supplementary documents section on the main EFO page of the website 13th May 2013
Robert Chote discussed what difference the creation of the OBR had made to UK fiscal policy in the Institute and Faculty of Actuaries’ Spring Lecture in London 9th May 2013
Since the publication of our most recent forecast the OBR has received a further request to release previously unpublished forecast series. We have today released a number of variables underlying the OBR’s Economic and Fiscal Outlook published in March 2013. Budget deficit shrinks despite weak economy Public sector net borrowing has fallen much as expected over the past two years, despite much weaker GDP growth than we anticipated, according to our latest Forecast Evaluation Report. The resilience of cash spending and the labour market helped sustain tax revenues and limit welfare costs, while central and local government spent less on public services than was budgeted for.
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What we doThe Office for Budget Responsibility:
What's coming
21
JUN
Public finance release
17
JUL
Fiscal sustainability report
19
JUL
Public finance release
IndependenceTransparency |
Forecast evaluation report - October 2012