Tag: Office for Budget Responsibility

UK public sector borrowing higher than forecasts in June

UK public sector borrowing higher than forecasts in June

The Office for National Statistics (ONS) has today revealed UK public sector borrowing rose last month. According to the ONS, public sector net borrowing rose to £14 billion last month compared with £13.6 billion June 2010. The figure was higher than analysts’ expectations and was attributed to a fall in income tax receipts. The figure [...]

July 21, 2011 | 0 Comments More
UK public borrowing less than expected in financial year

UK public borrowing less than expected in financial year

The Office for National Statistics (ONS) has today revealed UK public sector borrowing came in lower than expected for the fiscal year. According to the ONS, public sector net borrowing (excluding interventions such as bank bail-outs) was £18.6 billion in March, taking the total for the fiscal year 2010-11 to £141.1 billion – less than [...]

April 21, 2011 | 0 Comments More
UK Q4 GDP final reading due this week

UK Q4 GDP final reading due this week

The Office for National Statistics (ONS) will tomorrow publish its final reading of gross domestic product (GDP) for the fourth quarter of 2010. In January, the ONS revealed the UK economy contracted by 0.5% in the October to December period. Last month, the figure was revised down further to 0.6% with bad weather being attributed [...]

March 28, 2011 | 0 Comments More
OBR reviews growth, borrowing, inflation and unemployment

OBR reviews growth, borrowing, inflation and unemployment

The Office for Budget Responsibility (OBR) has today delivered its forecasts for British public borrowing, economic growth, inflation and unemployment. The independent OBR, which was set up by the coalition Government to assess the state of public finances, lowered its 2011 economic growth forecast to 1.7% from its previous estimate of 2.1%. The latest estimate [...]

March 23, 2011 | 0 Comments More
Chancellor Osborne delivers 2011 Budget

Chancellor Osborne delivers 2011 Budget

Chancellor George Osborne has delivered his Budget speech today, what he has described as a “Budget for growth”. Firstly, Mr Osborne unveiled a scheme aimed at helping 10,000 first-time buyers purchase new-build flats and houses. The buyer would have to fund 5% of the cost, while the Government and home builder would both put up [...]

March 23, 2011 | 0 Comments More
Budget 2011: Osborne to target growth

Budget 2011: Osborne to target growth

Chancellor George Osborne will deliver his Budget speech today at 1230 GMT, which will be aimed at boosting growth amid the fragile recovery. Mr Osborne is describing it as a “budget for growth” despite the tough austerity measures which threaten to push Britain back into recession, according to some economists. However, many believe the Chancellor [...]

March 23, 2011 | 0 Comments More
OBR member warns of double dip risk

OBR member warns of double dip risk

The massive spending cuts, implemented by the Government, have increased the chance of a double dip recession - according to a senior member of the Office for Budget Responsibility (OBR) - the economic forecasting body. This is the opinion of Geoffrey Dicks who said public spending cuts and a hike in taxes will have slashed [...]

July 14, 2010 | 0 Comments More
Sterling sinks to 13-month dollar low

Sterling sinks to 13-month dollar low

Britain’s ongoing deficit worries continue to weigh heavily on the economy and this was evident after the pound fell to a 13-month low against the dollar today. Sterling fell as low as $1.4249 - its lowest level since March 2009, before recovering to $1.4435 - down 0.7% on the day. Today, at his first press [...]

May 17, 2010 | 0 Comments More
Chancellor George Osborne launches OBR

Chancellor George Osborne launches OBR

At his first press conference as chancellor, George Osborne has today announced plans to launch a new fiscal watchdog, called the independent Office for Budget Responsibility (OBR). The OBR, which will be led by former Bank of England Monetary Policy Committee member, Alan Budd, is set to ensure the Government is held responsible for how [...]

May 17, 2010 | 0 Comments More