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....In documents published after the budget, it emerged the government’s finances will take a near-£6bn hit as a result of the increased bill faced by the NHS and other parts of the public sector as a result of the changes made to the way compensation awards will now be calculated. The Office for Budget Responsibility said the government would be setting aside an extra £1. ... [Read full article on Guardian ]
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....At his budget earlier this month, Philip Hammond was able to announce a brighter outlook for growth this year from the government’s independent forecasters. The Office for Budget Responsibility raised its forecast for GDP growth this year to 2% from 1. ... [Read full article on Guardian ]
Friday 24th of March 2017 10:30:30 AM
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....8bn. The fiscal watchdog, the Office for Budget Responsibility, forecasts a£51. ... [Read full article on Guardian ]
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....Analysts said the figures meant the government was on track to meet revised borrowing targets. In the Budget, the Office for Budget Responsibility revised its end-of-year borrowing forecast to £51. ... [Read full article on BBC ]
Tuesday 21st of March 2017 11:02:34 AM
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.... And when the Brexiters threaten Nicola Sturgeon with dire warnings about Scotland losing its largest market, namely England, they seem unaware of the irony that the newly fashionable strategy of “no agreement is better than a bad agreement” involves England itself leaving its largest market. The furore over national insurance dominated coverage of the budget but, for me, the really interesting aspect, apart from Chancellor Philip Hammond’s choice to continue with George Osborne’s socially destructive austerity programme, was that the Office for Budget Responsibility (OBR) report on the economic and fiscal outlook contained a sober assessment of the consequences of Brexit for our economy – and it was hardly calculated to lift the spirits. ... [Read full article on Guardian ]
Sunday 26th of March 2017 07:03:24 AM
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Latest Finance News related to Office For Budget Responsibility

We’re in a fine mess if George Osborne is our last hope of halting Brexit image
.... And when the Brexiters threaten Nicola Sturgeon with dire warnings about Scotland losing its largest market, namely England, they seem unaware of the irony that the newly fashionable strategy of “no agreement is better than a bad agreement” involves England itself leaving its largest market. The furore over national insurance dominated coverage of the budget but, for me, the really interesting aspect, apart from Chancellor Philip Hammond’s choice to continue with George Osborne’s socially destructive austerity programme, was that the Office for Budget Responsibility (OBR) report on the economic and fiscal outlook contained a sober assessment of the consequences of Brexit for our economy – and it was hardly calculated to lift the spirits. ...
Brexit economy: UK faces squeeze on living standards image
Source : Guardian [Read Article] Friday 24th of March 2017 10:30:30 AM
....At his budget earlier this month, Philip Hammond was able to announce a brighter outlook for growth this year from the government’s independent forecasters. The Office for Budget Responsibility raised its forecast for GDP growth this year to 2% from 1. ...
Government borrowing falls in February image
Source : BBC [Read Article] Tuesday 21st of March 2017 11:02:34 AM
....Analysts said the figures meant the government was on track to meet revised borrowing targets. In the Budget, the Office for Budget Responsibility revised its end-of-year borrowing forecast to £51. ...
NHS trust triples injury payout to £9.3m under controversial new rules image
....In documents published after the budget, it emerged the government’s finances will take a near-£6bn hit as a result of the increased bill faced by the NHS and other parts of the public sector as a result of the changes made to the way compensation awards will now be calculated. The Office for Budget Responsibility said the government would be setting aside an extra £1. ...
Britons pay almost £2billion in extra inheritance tax over next five years image
Source : Daily Express [Read Article] Wednesday 15th of March 2017 12:01:00 AM
....8billion more than originally forecast in November. The figures were released last Wednesday by the Office for Budget Responsibility but were overlooked amid outrage over Chancellor Philip Hammond’s tax grab on the self-employed. ...
Britons pay almost £2billion in extra inheritance tax over next five years image
Source : Daily Express [Read Article] Wednesday 15th of March 2017 12:01:00 AM
....8billion more than originally forecast in November. The figures were released last Wednesday by the Office for Budget Responsibility but were overlooked amid outrage over Chancellor Philip Hammond’s tax grab on the self-employed. ...
Budget deficit beyond 2025 warns spending watchdog image
Source : BBC [Read Article] Monday 13th of March 2017 09:26:55 PM
....The Government may struggle to meet its target of clearing the deficit in public finances by 2025 according to the official spending watchdog. Robert Chote, chairman of the Office for Budget Responsibility, was giving evidence before the Commons Treasury Committee. ...
Standup chancellor shuns sit-down with Tyrie image
Source : Guardian [Read Article] Sunday 12th of March 2017 07:00:17 AM
.... Having already broken convention by abolishing future spring budgets and then using his final one to deliver a few gags (“they don’t call it the last Labour government for nothing”), Philip Hammond will be spared from explaining himself to Andrew Tyrie and co this week. Instead, the committee will play host to Robert Chote, chairman of the Office for Budget Responsibility on Monday, plus a couple of his sidekicks, before Tuesday brings an appearance by Paul Johnson, the boss of the Institute for Fiscal Studies thinktank. ...
Isas back in favour after tax allowance hike image
Source : Guardian [Read Article] Saturday 11th of March 2017 07:00:28 AM
.... It will be open to everyone aged 16 and over and have a minimum investment limit of £100 and a maximum of £3,000. The Treasury said the bond would support savers affected by low interest rates, but Maike Currie at investment firm Fidelity International said: “Anyone saving into the new investment bond will struggle to achieve a real return, with Office for Budget Responsibility expectations for inflation to rise to 2. ...
The UK economy breaks more records – for all the wrong reasons image
Source : Guardian [Read Article] Thursday 9th of March 2017 06:40:24 PM
....What’s more, the productivity growth that has been lost will never come back. That’s because the Office for Budget Responsibility believes the UK has run out of spare capacity, which means the economy cannot grow any faster without generating inflation. ...
No rights, more tax: this is Conservative ‘fairness’ for the self-employed | Frances O’Grady image
....The planned changes to universal credit are set to clobber the self-employed even harder than other working people. Hidden away in the small print of this month’s Office for Budget Responsibility report is a table showing the impact of a “minimum income floor”. ...
No pay rise for 15 years, IFS warns UK workers image
Source : Guardian [Read Article] Thursday 9th of March 2017 08:57:23 AM
.... This is completely unprecedented,” he said at the IFS’s traditional post-budget day briefing. Johnson said the latest economic outlook from the government’s independent forecaster, the Office for Budget Responsibility, implied that in the wake of the financial crisis the UK had suffered permanent losses to productivity – a measure of output per hour. ...
Budget 2017: Squeeze on family finances 'extended until 2020s' image
Source : BBC [Read Article] Thursday 9th of March 2017 07:40:05 AM
....The Treasury says it has helped poorer workers by increasing the Living Wage. The Budget watchdog - the Office for Budget Responsibility - forecast that government borrowing for 2016-17 would be £51. ...
Budget 2017: manifesto row clouds chancellor's attempt at low-key package image
....The chancellor made only glancing reference to Britain’s looming exit from the EU but said the government was intent on keeping Britain at the cutting edge of the global economy with a focus on education, skills and productivity. The independent Office for Budget Responsibility said the short-term prospects for the economy were brighter than it had envisaged in the autumn statement last November. ...
Government finances face near-£6bn hit over changes to personal injury payouts image
....The lord chancellor, Liz Truss, announced a cut to the so-called Ogden discount rate last month which is pushing up the payouts to claimants but increasing the cost to organisations such as the NHS. The Office for Budget Responsibility said the government was now setting aside an extra £1. ...
UK economy will grow 2% this year but slow next, OBR predicts image
Source : Guardian [Read Article] Wednesday 8th of March 2017 07:58:42 PM
. The UK economy will confound forecasts for a Brexit-related slowdown through 2017, but will then quickly run out of steam as rising prices hit consumer spending, the Office for Budget Responsibility has predicted. ...
Philip Hammond's budget is a long way from tackling future challenges | Larry Elliot image
....As Hammond noted, the resilience of the economy has confounded most – if not all – commentators. The economy grew a little less rapidly in 2016 than the independent Office for Budget Responsibility expected when it last reported in November, but that was because activity in the pre-referendum period was weaker than previously thought. ...
Budget 2017: NHS, families, cars - your questions answered image
Source : BBC [Read Article] Wednesday 8th of March 2017 05:14:18 PM
....The devaluation of the pound since the Brexit vote is widely forecast to push up inflation by raising the cost of imported goods. And the government - citing calculations from the Office for Budget Responsibility - says real household disposable income, per person, will drop by 0. ...
Philip Hammond breaks manifesto pledge with budget tax grab image
Source : Guardian [Read Article] Wednesday 8th of March 2017 04:05:32 PM
....Hammond said stronger than expected tax receipts had contributed to a better outlook for borrowing, but insisted it would be the wrong response to use up any of the extra headroom he created by loosening tax-and-spending rules last autumn. Revealing that the Office for Budget Responsibility (OBR) had revised its growth forecast for this year from the 1. ...
Philip Hammond keeps his powder dry with a 'boring' budget | Larry Elliott image
....Given the government’s commanding lead in the opinion polls, only pronounced weakness in the economy would have forced Hammond to provide a major fiscal boost through tax cuts and spending increases. But growth has surprised on the upside since the EU referendum last June, with the result that the Office for Budget Responsibility has revised up its forecast for 2017 from 1. ...
Self-employed hit by national insurance hike in budget image
Source : Guardian [Read Article] Wednesday 8th of March 2017 02:24:49 PM
....The changes to the taxation of dividends was criticised for “leaving the door open to massive tax avoidance” by wealthy people working for their own companies. New data published by the Office for Budget Responsibility showed that a previous increase in dividend taxes resulted in much of the benefit falling to “just 100 individuals who were able to withdraw dividends averaging £30m each from their companies before the higher tax rate took effect”. ...
UK growth forecast for 2017 revised up image
Source : BBC [Read Article] Wednesday 8th of March 2017 02:12:25 PM
....The UK economy's growth forecast for this year has been revised sharply higher by the Budget watchdog. The Office for Budget Responsibility now expects the economy to grow by 2%, up from its previous forecast of 1. ...
Budget 2017: £2bn for social care and tax rise for self-employed image
Budget expected to forecast stronger economic growth image
Source : BBC [Read Article] Tuesday 7th of March 2017 04:05:43 PM
....The Chancellor, Philip Hammond, will be announcing his budget against a backdrop of stronger economic growth. Latest economic figures from the Office for Budget Responsibility, revealed during the speech, are likely to be much better than predicted six months ago. ...
Reality Check image
Source : BBC [Read Article] Tuesday 7th of March 2017 01:31:56 AM
....The claim: Taxes could rise to their highest level as a proportion of national income since 1986-87 by 2019-20. Reality Check verdict: The Office for Budget Responsibility (OBR) forecasts suggest taxes could actually reach that level as soon as 2017-18. ...
Goodbye Spring Budget image
Source : BBC [Read Article] Tuesday 7th of March 2017 12:11:17 AM
.... . This statement will no longer be a "major fiscal event", according to the chancellor, but simply a response to forecasts from the Office for Budget Responsibility. ...
Hammond urged to tackle 'catastrophic' effect of rising inflation image
Source : Guardian [Read Article] Monday 6th of March 2017 01:13:37 PM
....6bn more than expected from some of the poorest people in the country by 2020. Torsten Bell, the thinktank’s director, warns that the pattern of external forecasts since November suggests that the Office for Budget Responsibility could revise up its inflation forecast to 2. ...
Chancellor's budget to build up Brexit reserves, not tackle NHS crisis image
....”. Last autumn, Hammond was expecting to borrow £68bn in 2016-17, but the fiscal watchdog, the Office for Budget Responsibility, is now expected to reduce this by at least £10bn, close to the level predicted before the Brexit vote. ...
Budget 2017: Hammond to tell us the Brexit vote could have been worse image
....The picture for the public finances is also looking rosier compared with Hammond’s maiden autumn statement in November. Back then, the fiscal watchdog, the Office for Budget Responsibility (OBR), overhauled its forecasts to show that the impact of the Brexit vote on the economy would force the government to borrow £122bn more than hoped over coming years. ...
Budget 2017: No 'spending sprees', Hammond warns image
Source : BBC [Read Article] Sunday 5th of March 2017 02:20:28 AM
....Wednesday's Budget takes place after the Bank of England revised up its growth forecast for this year. Paul Johnson, director of the Institute for Fiscal Studies think tank, predicted the Office for Budget Responsibility would also revise its 2017 forecast upwards. ...
UK economy cooling after post-Brexit vote growth, surveys show image
Source : Guardian [Read Article] Friday 3rd of March 2017 11:12:26 AM
.... But the slowdown in the first two months appears to show the economy could now struggle to hit the Bank’s 2% growth forecast, further delaying the first interest rate rise since 2007. Nevertheless, the underlying strength of production and output across all the sectors in the second half of last year means the economy will continue to grow, prompting the Office for Budget Responsibility to pencil in higher growth than it had expected after the Brexit vote, allowing the chancellor to reduce his borrowing forecasts. ...
Labour says £1m earners should publish tax returns image
Source : BBC [Read Article] Thursday 2nd of March 2017 03:05:40 PM
....'End discrimination'. He urged the government to appoint a politically neutral body, such as the Office for Budget Responsibility, to assess the levels of funding needed for the NHS in the long term, with 10-year budgets that show taxpayers their contributions are well-spent. ...
IFS: Growth in UK living standards worst in 60 years image
Source : Guardian [Read Article] Thursday 2nd of March 2017 07:01:10 AM
....”. The IFS said average pensioner incomes are likely to rise twice as quickly as those for the rest of the population, if earnings growth projections from the Office for Budget Responsibility (OBR) – the Treasury’s independent forecaster – prove correct. ...
'Long shadow' of financial crisis hits incomes image
Source : BBC [Read Article] Thursday 2nd of March 2017 12:18:25 AM
....The IFS has produced a report on living standards for the Joseph Rowntree Foundation, which campaigns to reduce poverty. It suggests, based on official forecasts produced for the government by the Office for Budget Responsibility, that long-term income growth is a relatively slow 2% a year. ...
Spring budget 2017: drop in government borrowing predicted image
Source : Guardian [Read Article] Tuesday 28th of February 2017 12:01:13 AM
....The budget on 8 March comes just over three months after Hammond’s autumn statement. Forecasts from the fiscal watchdog, the Office for Budget Responsibility (OBR), published at the statement in November suggested a blow to the economy from the Brexit vote would force the government to borrow an extra £122bn over the next five years compared with the outlook before the UK voted to leave the EU. ...
UK government surplus gives Philip Hammond pre-budget boost image
Source : Guardian [Read Article] Tuesday 21st of February 2017 01:33:43 PM
....4bn, the highest January gain since 1999, prompting the Treasury’s independent forecaster to say the government was on track to undershoot the £68bn deficit target at the end of the financial year. The Office for Budget Responsibility said official figures showing the deficit had tumbled to £49. ...
UK borrowing and growth better than expected for budget, says report image
Source : Guardian [Read Article] Monday 20th of February 2017 07:00:31 AM
....Britain’s economic growth and borrowing levels will both be better than previously expected when the chancellor gives his budget next month, according to a report. The economic forecasting group EY Item Club said stronger-than-expected tax receipts meant the Office for Budget Responsibility was likely to cut its borrowing forecast for the current year by £3bn to £65bn on budget day. ...
Public sector pay poised to fall by thousands in real terms, TUC says image
Source : Guardian [Read Article] Wednesday 18th of January 2017 07:22:07 AM
.... “It’s time for ministers to give public employers the freedom to negotiate with unions for pay in their sectors,” she said. Responding to the analysis, the government said the pay restraint was helping to protect jobs and it pointed to analysis from the fiscal watchdog, the Office for Budget Responsibility. ...
No one can afford to stop the new consumer credit crisis image
Source : Guardian [Read Article] Sunday 8th of January 2017 07:05:11 AM
....This is not a view shared by the Bank of England, which says it need only keep a watching brief. Its complacency is born of forecasts of the ratio between household debt and GDP made by the Office for Budget Responsibility. ...
Renewables investment in UK will fall 95% over next three years – study image
Source : Guardian [Read Article] Wednesday 4th of January 2017 01:31:36 PM
.... The thinktank said that was good news as it could free up money to spend on encouraging people to switch to lower carbon heating, which ministers have admitted is progressing slowly. A government spokesman said: “We are fully committed to a low-carbon future and the Office for Budget Responsibility recently projected that £8. ...
Chancellor failing to cancel ‘tax giveaway’ to banks, says Labour image
Source : Guardian [Read Article] Monday 2nd of January 2017 02:18:10 PM
....McDonnell said by failing to reverse the cuts in the bank levy in November’s autumn statement, Hammond was handing the big banks a rebate taxpayers could ill afford. The latest forecasts from the independent Office for Budget Responsibility, published alongside the autumn statement, showed revenue from the bank levy at £2. ...
Labour 'finds £2.6bn black hole in Treasury's tax avoidance measures' image
Source : Guardian [Read Article] Friday 23rd of December 2016 07:00:09 AM
....6bn black hole created by downgraded revenue forecasts. John McDonnell, the shadow chancellor, said that information buried in the small print of last month’s Office for Budget Responsibility report showed that three tax avoidance measures were now expected to raise significantly less than when they were first announced. ...
Government borrowing higher than expected in November image
Source : Guardian [Read Article] Wednesday 21st of December 2016 01:23:07 PM
....But the November borrowing figure was lower than last year’s £13. 2bn and put the Treasury on course to meet the Office for Budget Responsibility’s revised target for borrowing by the end of the year. ...
Brexit economy: inflation surge shows impact of vote finally beginning to bite image
Source : Guardian [Read Article] Wednesday 21st of December 2016 11:36:14 AM
.... Tourist spending was rising and exports had also been helped by the currency’s fall, which makes UK goods more competitive overseas. Since the last dashboard, the government’s independent forecasters at the Office for Budget Responsibility (OBR) have published a new outlook for the the economy. ...
Letter to Nissan about Brexit could be made public, MPs are told image
Source : Guardian [Read Article] Wednesday 14th of December 2016 08:36:20 PM
.... Labour has criticised the government for not releasing its letter to Nissan, insisting it could have done a secret deal with the company. The Office for Budget Responsibility (OBR) revealed last month that the government had refused to confirm whether any financial commitments were made to Nissan, although the head of the National Audit Office said earlier this week that he had read the letter and there was “no identifiable contingent liability”. ...
UK economy set for sluggish growth, warns business group image
Source : Guardian [Read Article] Monday 12th of December 2016 12:01:41 AM
....The BCC said based on the available economic news and its own survey of businesses, it did not expect the economy to fall into a recession – something groups such as the International Monetary Fund had warned was a risk in the event of a vote for Brexit. The BCC is forecasting the public finances will be in worse shape as a result of an economic slowdown hitting tax receipts, undershooting the already downbeat expectations of the fiscal watchdog, the Office for Budget Responsibility . ...
Doom-mongers? image
Source : BBC [Read Article] Monday 5th of December 2016 11:09:48 AM
. Following the Office for Budget Responsibility's economic forecasts, which accompanied the Autumn Statement, Iain Duncan Smith accused the official forecaster of "utter doom and gloom". ...
Demand is weak and investment’s faltering. That’s OK then image
Source : Guardian [Read Article] Sunday 4th of December 2016 07:00:07 AM
.... His message was that a boost to infrastructure spending would compensate by creating thousands of well-paid jobs in areas such as engineering, science and construction. Last week Robert Chote, chairman of the Office for Budget Responsibility (OBR), took a sword to this narrative and killed it stone dead. ...
MP asks spending watchdog to investigate Nissan Brexit deal image
Source : Guardian [Read Article] Thursday 1st of December 2016 04:21:20 PM
.... But in a letter to Tyrie, he refused to elaborate, saying only that any subsidies were “entirely within state aid and WTO rules”. The government has refused to disclose to the Office for Budget Responsibility whether it made any financial promises to Nissan ahead of the autumn statement. ...
RBS’s past sins are still shaping the bank’s future | Jill Treanor image
Source : Guardian [Read Article] Thursday 1st of December 2016 01:02:49 PM
.... Philip Hammond, the chancellor, has already admitted he has abandoned any immediate hope of selling any more of the stake. The Office for Budget Responsibility is no longer factoring in any sales during the lifetime of this parliament. ...
Tories seek positive uncertainties in a deluge of negative certainties image
Source : Guardian [Read Article] Wednesday 30th of November 2016 07:40:21 PM
. Just after the chancellor’s autumn statement, Conservative Jacob Rees-Mogg had rubbished the Office for Budget Responsibility for making unnecessarily gloomy predictions about the government’s handling of Brexit and suggested we would all soon be dancing towards fun-filled days of forever summer. ...
Philip Hammond says Nissan deal will create no new liabilities image
Source : Guardian [Read Article] Wednesday 30th of November 2016 06:42:47 PM
....”. Tyrie wrote to the chancellor after the government refused to disclose to the Office for Budget Responsibility whether it made any financial promises to Nissan ahead of the autumn statement. ...
Government starts review of 'gig' economy image
Source : BBC [Read Article] Wednesday 30th of November 2016 12:04:13 AM
....The government's Autumn Statement earlier this month indicated how the "gig economy" is also beginning to affect budget revenues, as self-employment and casual work reduce the amount of tax being paid. The Office for Budget Responsibility (OBR) estimated that in 2020/21 it will cost the Treasury £3. ...
Scepticism about a Brexit apocalypse looks increasingly justified image
Source : Guardian [Read Article] Monday 28th of November 2016 01:48:59 PM
....As such, the OECD expects the UK economy to slow from 2% this year to 1. 2% in 2017 and 1% in 2018 – a markedly gloomier forecast than that produced by the Office for Budget Responsibility for last week’s autumn statement (1. ...
Protectionism and trade disputes threaten world growth, says OECD image
Source : Guardian [Read Article] Monday 28th of November 2016 10:00:26 AM
.... But that would still be the weakest growth since the depths of the global financial crisis in 2009 and is slower than the 1. 4% forecast by the Bank of England and the government’s fiscal watchdog, the Office for Budget Responsibility. ...
Of course the forecasts are bad: no one has a plan for Brexit image
Source : Guardian [Read Article] Sunday 27th of November 2016 07:00:54 AM
....However, in a propaganda feat which will go down in history, the Leave campaigners managed to persuade enough British voters that the EU was the source of many of our problems, and, just as bizarrely, that leaving the EU would be the answer. It was against the background of this farcical development that the Office for Budget Responsibility and the Treasury had to prepare the groundwork for last week’s autumn statement. ...
Reality Check: image
Source : BBC [Read Article] Friday 25th of November 2016 04:05:27 PM
. The claim: The Office for Budget Responsibility forecasts include an extra £10bn each year from 2019-20 for public spending as a result of leaving the EU - this could be spent on the NHS. ...
UK third quarter GDP growth confirmed at 0.5% image
Source : BBC [Read Article] Friday 25th of November 2016 10:33:28 AM
Why is UK's productivity still behind that of other major economies? image
Source : Guardian [Read Article] Thursday 24th of November 2016 07:27:07 PM
....”. The Office for Budget Responsibility (OBR) warned that productivity growth would be lower than it had previously forecast for the rest of this parliament and only return to its long-term trend of 2% in 2020. ...
Torrents of pain and therapy at the institute image
Source : Guardian [Read Article] Thursday 24th of November 2016 06:01:18 PM
.... Thanks Brexit. “The thing is,” he bounced onwards, “the Office for Budget Responsibility’s economic forecasts are noticeably more upbeat than anyone else’s. ...
IFS chief: 'Worst decade for living standards' image
Source : BBC [Read Article] Thursday 24th of November 2016 01:53:52 PM
.... . Paul Johnson explained to the BBC's Andrew Verity that the latest forecasts from the Office for Budget Responsibility (OBR) indicated that conditions are likely to remain tough. ...
IFS warns of biggest squeeze on pay for 70 years over Brexit image
Source : Guardian [Read Article] Thursday 24th of November 2016 01:26:14 PM
....At the same time, experts say pay growth will stall as companies curb spending while they grapple with political and economic uncertainty. The government’s independent forecasters, the Office for Budget Responsibility, said on Wednesday that the economy would slow next year and inflation would rise, with knock-on effects for household budgets and the government’s finances. ...
A guide to the Guardian's full autumn statement coverage image
Source : Guardian [Read Article] Thursday 24th of November 2016 12:00:37 PM
....Chancellor’s looser finance targets highlight weaker UK economyPhillip Inman: City analysts say Philip Hammond’s measures are sensible as Britain faces challenging years of Brexit negotiations. What the economists saySix experts give their verdict on Phillip Hammond’s speech and the Office for Budget Responsibility’s new forecasts. ...
Philip Hammond defends 'doom and gloom' Brexit forecast image
Source : Guardian [Read Article] Thursday 24th of November 2016 09:38:25 AM
....Philip Hammond has said the government cannot ignore the £59bn black hole in the public finances directly related to Brexit, as pro-leave Tories criticised the economic forecast as overly pessimistic. Speaking after his first autumn statement, where he outlined plans for modest further borrowing to boost investment in infrastructure, Hammond said forecasts from the Office for Budget Responsibility (OBR) for the costs of leaving the EU were based on a “a very high degree of uncertainty in the circumstances we are in”. ...
Chancellor's looser finance targets highlight weaker UK economy image
Source : Guardian [Read Article] Thursday 24th of November 2016 08:00:28 AM
....City analysts said the looser targets were sensible when the chancellor faced a challenging two years while Brexit negotiations dominate the headlines and possibly push the economy into recession. The government’s decision to trigger negotiations with the European Union in March and begin two years of talks is built into the latest forecast by the Office for Budget Responsibility. ...
Housing gets £4bn boost to increase number of new homes image
Source : Guardian [Read Article] Thursday 24th of November 2016 07:00:27 AM
....”. The Office for Budget Responsibility (OBR) warned that despite the extra money for affordable homes, it expected 13,000 fewer to be built over the next five years. ...
Autumn Statement: Hammond defends post-Brexit economy forecasts image
Source : BBC [Read Article] Thursday 24th of November 2016 02:13:49 AM
....Chancellor Philip Hammond has called economic forecasts in the Autumn Statement one of a "range of outcomes" after some pro-Brexit MPs criticised them for being too pessimistic. The Office for Budget Responsibility (OBR) forecast more government borrowing and reductions in economic growth after the referendum. ...
Autumn Statement shows cost of casual work 'gig economy' image
Source : BBC [Read Article] Thursday 24th of November 2016 12:08:35 AM
....Wednesday's Autumn Statement for the first time showed how it is cutting into the government tax take. The Office for Budget Responsibility (OBR) estimates that in 2020/21 it will cost the Treasury £3. ...
Brexit will blow £59bn hole in public finances, admits Hammond image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 08:39:09 PM
....But the first official projections conducted after the vote of the likely impact of leaving the EU pointed to significantly weaker growth after Brexit. The Office for Budget Responsibility (OBR) announced that there would be a cumulative £122bn of extra borrowing over the next five years, with £59bn of that as a direct result of Brexit. ...
Autumn statement more Fifty Shades of Grey than Pride and Prejudice image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 07:47:36 PM
....Money has become available because Hammond has dispensed with George Osborne’s plan to run a budget surplus by the end of the current parliament in 2019-20. By pushing deficit reduction beyond the next election, the chancellor has given himself scope for some additional public expenditure while at the same time holding something back in case the relatively benign forecasts for the economy from the Office for Budget Responsibility (OBR) prove optimistic. ...

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