Key figures › Budgets › Autumn Statement 2014
Autumn Statement 2014
3 December 2014 · Chancellor of the Exchequer: George Osborne
Autumn Statement 2014 was presented on 3 December 2014, when George Osborne was Chancellor of the Exchequer. The OBR published its December 2014 Economic and fiscal outlook the same day. It forecast GDP growth of 3.0% for 2014; the ONS now reports 3.2%, above the forecast. For CPI inflation in 2014 it forecast 1.5%, and the ONS now reports 1.5%. It put public sector net borrowing for 2014-15 at £91.3 billion (5.0% of GDP); the outturn now published is £98.1 billion (5.2% of GDP). Net debt at the end of 2014-15 was forecast at 80.4% of GDP, against 81.1% in the latest outturn. Compared with the previous OBR forecast (Budget 2014), the borrowing forecast for 2015-16 moved from £68.3 billion to £75.9 billion.
| Year | OBR forecast, December 2014 | ONS outturn |
|---|
| 2014 | 3.0% | 3.2% |
| 2015 | 2.4% | 2.1% |
| 2016 | 2.2% | 2.2% |
| 2017 | 2.4% | 3.0% |
| 2018 | 2.3% | 1.6% |
| 2019 | 2.3% | 1.3% |
| Year | OBR forecast, December 2014 | ONS outturn |
|---|
| 2014 | 1.5% | 1.5% |
| 2015 | 1.2% | 0.0% |
| 2016 | 1.7% | 0.7% |
| 2017 | 2.0% | 2.7% |
| 2018 | 2.0% | 2.5% |
| 2019 | 2.0% | 1.8% |
| Financial year | OBR forecast, December 2014 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2014-15 | £91.3 billion | £98.1 billion | 5.0% | 5.2% |
| 2015-16 | £75.9 billion | £80.1 billion | 4.0% | 4.1% |
| 2016-17 | £40.9 billion | £57.1 billion | 2.1% | 2.8% |
| 2017-18 | £14.5 billion | £61.4 billion | 0.7% | 2.9% |
| 2018-19 | -£4.0 billion | £44.1 billion | -0.2% | 2.0% |
| 2019-20 | -£23.1 billion | £58.8 billion | -1.0% | 2.6% |
| Financial year | OBR forecast, December 2014 | Outturn (OBR databank) |
|---|
| 2014-15 | 80.4% | 81.1% |
| 2015-16 | 81.1% | 80.6% |
| 2016-17 | 80.7% | 82.7% |
| 2017-18 | 78.8% | 81.7% |
| 2018-19 | 76.2% | 79.7% |
| 2019-20 | 72.8% | 84.5% |
Other OBR forecasts at Autumn Statement 2014
| Financial year | 2014-15 | 2015-16 | 2016-17 |
|---|
| Public sector current receipts | £645.8 billion | £670.3 billion | £705.8 billion |
| Total managed expenditure | £737.1 billion | £746.2 billion | £746.7 billion |
| Central government gross debt interest | £48.1 billion | £51.9 billion | £56.2 billion |
OBR forecasts as recorded in its historical official forecasts database. Each linked figure's forecast page sets every forecast beside the outturn.
← Budget 2014 · Budget 2015 →
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.