OBR to publish financial forecast despite scrapping of Budget

31 Oct 2019

In a letter to the Treasury, the Office for Budget Responsibility (OBR) has stated that it will publish forecasts for the UK's public finances despite the cancellation of the 6 November Autumn Budget.

The OBR highlighted the fact that the forecasts were prepared on the basis that the government secured a Brexit deal. The forecasts will be updated to account for some corrections made by the Office for National Statistics (ONS), which significantly adjusted the March forecasts for public borrowing.

Borrowing in 2020-21 would be roughly £19 billion more than the OBR's March forecast originally predicted, according to the ONS.

Commenting on the upcoming publication, Mel Stride, Chair of the Treasury Committee, said: 'It's been over six months since the previous Chancellor's final evidence session with the Treasury Committee in April. The current Chancellor has been in office for over three months, and we would hope that he would agree to appear before us sooner rather than later.

'The Chancellor should also set out whether the OBR's new analysis will contribute to their statutory duty to publish two forecasts each fiscal year. If not, he should set out how he will support the OBR in publishing two forecasts in the remaining 22 weeks of the current fiscal year.'

The OBR will publish its restated March forecast on 7 November.

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.



34 Boulevard
BS23 1NF

01934 415022


Bath Street
BS27 3AA

01934 743274

Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.