Key figures › Budgets › Autumn Budget 2017
Autumn Budget 2017
22 November 2017 · Chancellor of the Exchequer: Philip Hammond
Autumn Budget 2017 was presented on 22 November 2017, when Philip Hammond was Chancellor of the Exchequer. The OBR published its November 2017 Economic and fiscal outlook the same day. It forecast GDP growth of 1.5% for 2017; the ONS now reports 3.0%, above the forecast. For CPI inflation in 2017 it forecast 2.7%, and the ONS now reports 2.7%. It put public sector net borrowing for 2017-18 at £49.9 billion (2.4% of GDP); the outturn now published is £61.4 billion (2.9% of GDP). Net debt at the end of 2017-18 was forecast at 86.5% of GDP, against 81.7% in the latest outturn. Compared with the previous OBR forecast (Spring Budget 2017), the borrowing forecast for 2018-19 moved from £40.8 billion to £39.5 billion.
| Year | OBR forecast, November 2017 | ONS outturn |
|---|
| 2017 | 1.5% | 3.0% |
| 2018 | 1.4% | 1.6% |
| 2019 | 1.3% | 1.3% |
| 2020 | 1.3% | -10.0% |
| 2021 | 1.5% | 8.5% |
| 2022 | 1.6% | 5.1% |
| Year | OBR forecast, November 2017 | ONS outturn |
|---|
| 2017 | 2.7% | 2.7% |
| 2018 | 2.4% | 2.5% |
| 2019 | 1.9% | 1.8% |
| 2020 | 2.0% | 0.9% |
| 2021 | 2.0% | 2.6% |
| 2022 | 2.0% | 9.1% |
| Financial year | OBR forecast, November 2017 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2017-18 | £49.9 billion | £61.4 billion | 2.4% | 2.9% |
| 2018-19 | £39.5 billion | £44.1 billion | 1.9% | 2.0% |
| 2019-20 | £34.7 billion | £58.8 billion | 1.6% | 2.6% |
| 2020-21 | £32.8 billion | £310.8 billion | 1.5% | 14.7% |
| 2021-22 | £30.1 billion | £116.0 billion | 1.3% | 4.8% |
| 2022-23 | £25.6 billion | £123.8 billion | 1.1% | 4.7% |
| Financial year | OBR forecast, November 2017 | Outturn (OBR databank) |
|---|
| 2017-18 | 86.5% | 81.7% |
| 2018-19 | 86.4% | 79.7% |
| 2019-20 | 86.1% | 84.5% |
| 2020-21 | 83.1% | 95.5% |
| 2021-22 | 79.3% | 94.3% |
| 2022-23 | 79.1% | 93.1% |
Other OBR forecasts at Autumn Budget 2017
| Financial year | 2017-18 | 2018-19 | 2019-20 |
|---|
| Public sector current receipts | £745.4 billion | £769.8 billion | £792.0 billion |
| Total managed expenditure | £795.3 billion | £809.3 billion | £826.7 billion |
| Central government gross debt interest | £54.7 billion | £51.5 billion | £50.6 billion |
OBR forecasts as recorded in its historical official forecasts database. Each linked figure's forecast page sets every forecast beside the outturn.
← Spring Budget 2017 · Spring Statement 2018 →
Sources
Forecasts from the OBR's historical official forecasts database; outturns from the ONS and the OBR public finances databank. How the forecasts and outturns are compared, and every data file read.