Key figures › Budgets › Autumn Budget and Spending Review 2021
Autumn Budget and Spending Review 2021
27 October 2021 · Chancellor of the Exchequer: Rishi Sunak
Autumn Budget and Spending Review 2021 was presented on 27 October 2021, when Rishi Sunak was Chancellor of the Exchequer. The OBR published its October 2021 Economic and fiscal outlook the same day. It forecast GDP growth of 6.5% for 2021; the ONS now reports 8.5%, above the forecast. For CPI inflation in 2021 it forecast 2.3%, and the ONS now reports 2.6%. It put public sector net borrowing for 2021-22 at £183.0 billion (7.9% of GDP); the outturn now published is £116.0 billion (4.8% of GDP). Net debt at the end of 2021-22 was forecast at 98.2% of GDP, against 94.3% in the latest outturn. Compared with the previous OBR forecast (Budget 2021), the borrowing forecast for 2022-23 moved from £106.9 billion to £83.0 billion.
| Year | OBR forecast, October 2021 | ONS outturn |
|---|
| 2021 | 6.5% | 8.5% |
| 2022 | 6.0% | 5.1% |
| 2023 | 2.1% | 0.3% |
| 2024 | 1.3% | 1.0% |
| 2025 | 1.6% | 1.3% |
| 2026 | 1.7% | not yet published |
| Year | OBR forecast, October 2021 | ONS outturn |
|---|
| 2021 | 2.3% | 2.6% |
| 2022 | 4.0% | 9.1% |
| 2023 | 2.6% | 7.3% |
| 2024 | 2.1% | 2.5% |
| 2025 | 2.0% | 3.4% |
| 2026 | 2.0% | not yet published |
| Financial year | OBR forecast, October 2021 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2021-22 | £183.0 billion | £116.0 billion | 7.9% | 4.8% |
| 2022-23 | £83.0 billion | £123.8 billion | 3.3% | 4.7% |
| 2023-24 | £61.6 billion | £135.2 billion | 2.4% | 4.8% |
| 2024-25 | £46.3 billion | £149.8 billion | 1.7% | 5.1% |
| 2025-26 | £46.4 billion | £134.3 billion | 1.7% | 4.4% |
| 2026-27 | £44.0 billion | not yet published | 1.5% | – |
| Financial year | OBR forecast, October 2021 | Outturn (OBR databank) |
|---|
| 2021-22 | 98.2% | 94.3% |
| 2022-23 | 97.9% | 93.1% |
| 2023-24 | 97.8% | 94.1% |
| 2024-25 | 94.7% | 93.4% |
| 2025-26 | 90.5% | 93.3% |
| 2026-27 | 88.0% | not yet published |
Other OBR forecasts at Autumn Budget and Spending Review 2021
| Financial year | 2021-22 | 2022-23 | 2023-24 |
|---|
| Public sector current receipts | £862.0 billion | £962.4 billion | £1,019.8 billion |
| Total managed expenditure | £1,045.0 billion | £1,045.4 billion | £1,081.4 billion |
| Central government gross debt interest | £57.6 billion | £53.2 billion | £48.7 billion |
OBR forecasts as recorded in its historical official forecasts database. Each linked figure's forecast page sets every forecast beside the outturn.
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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.