Key figures › Budgets › Autumn Statement 2016
Autumn Statement 2016
23 November 2016 · Chancellor of the Exchequer: Philip Hammond
Autumn Statement 2016 was presented on 23 November 2016, when Philip Hammond was Chancellor of the Exchequer. The OBR published its November 2016 Economic and fiscal outlook the same day. It forecast GDP growth of 2.1% for 2016; the ONS now reports 2.2%, above the forecast. For CPI inflation in 2016 it forecast 0.7%, and the ONS now reports 0.7%. It put public sector net borrowing for 2016-17 at £68.2 billion (3.5% of GDP); the outturn now published is £57.1 billion (2.8% of GDP). Net debt at the end of 2016-17 was forecast at 87.3% of GDP, against 82.7% in the latest outturn. Compared with the previous OBR forecast (Budget 2016), the borrowing forecast for 2017-18 moved from £38.8 billion to £59.0 billion.
| Year | OBR forecast, November 2016 | ONS outturn |
|---|
| 2016 | 2.1% | 2.2% |
| 2017 | 1.4% | 3.0% |
| 2018 | 1.7% | 1.6% |
| 2019 | 2.1% | 1.3% |
| 2020 | 2.1% | -10.0% |
| 2021 | 2.0% | 8.5% |
| Year | OBR forecast, November 2016 | ONS outturn |
|---|
| 2016 | 0.7% | 0.7% |
| 2017 | 2.3% | 2.7% |
| 2018 | 2.5% | 2.5% |
| 2019 | 2.1% | 1.8% |
| 2020 | 2.0% | 0.9% |
| 2021 | 2.0% | 2.6% |
| Financial year | OBR forecast, November 2016 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2016-17 | £68.2 billion | £57.1 billion | 3.5% | 2.8% |
| 2017-18 | £59.0 billion | £61.4 billion | 2.9% | 2.9% |
| 2018-19 | £46.5 billion | £44.1 billion | 2.2% | 2.0% |
| 2019-20 | £21.9 billion | £58.8 billion | 1.0% | 2.6% |
| 2020-21 | £20.7 billion | £310.8 billion | 0.9% | 14.7% |
| 2021-22 | £17.2 billion | £116.0 billion | 0.7% | 4.8% |
| Financial year | OBR forecast, November 2016 | Outturn (OBR databank) |
|---|
| 2016-17 | 87.3% | 82.7% |
| 2017-18 | 90.2% | 81.7% |
| 2018-19 | 89.7% | 79.7% |
| 2019-20 | 88.0% | 84.5% |
| 2020-21 | 84.8% | 95.5% |
| 2021-22 | 81.6% | 94.3% |
Other OBR forecasts at Autumn Statement 2016
| Financial year | 2016-17 | 2017-18 | 2018-19 |
|---|
| Public sector current receipts | £710.6 billion | £738.0 billion | £768.0 billion |
| Total managed expenditure | £778.8 billion | £797.0 billion | £814.5 billion |
| Central government gross debt interest | £49.3 billion | £52.2 billion | £52.6 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.