Key figures › Budgets › Autumn Statement 2022
Autumn Statement 2022
17 November 2022 · Chancellor of the Exchequer: Jeremy Hunt
Autumn Statement 2022 was presented on 17 November 2022, when Jeremy Hunt was Chancellor of the Exchequer. The OBR published its November 2022 Economic and fiscal outlook the same day. It forecast GDP growth of 4.2% for 2022; the ONS now reports 5.1%, above the forecast. For CPI inflation in 2022 it forecast 9.1%, and the ONS now reports 9.1%. It put public sector net borrowing for 2022-23 at £177.0 billion (7.1% of GDP); the outturn now published is £123.8 billion (4.7% of GDP). Net debt at the end of 2022-23 was forecast at 101.9% of GDP, against 93.1% in the latest outturn. Compared with the previous OBR forecast (Spring Statement 2022), the borrowing forecast for 2023-24 moved from £50.2 billion to £140.0 billion.
| Year | OBR forecast, November 2022 | ONS outturn |
|---|
| 2022 | 4.2% | 5.1% |
| 2023 | -1.4% | 0.3% |
| 2024 | 1.3% | 1.0% |
| 2025 | 2.6% | 1.3% |
| 2026 | 2.7% | not yet published |
| 2027 | 2.2% | not yet published |
| Year | OBR forecast, November 2022 | ONS outturn |
|---|
| 2022 | 9.1% | 9.1% |
| 2023 | 7.4% | 7.3% |
| 2024 | 0.6% | 2.5% |
| 2025 | -0.8% | 3.4% |
| 2026 | 0.2% | not yet published |
| 2027 | 1.7% | not yet published |
| Financial year | OBR forecast, November 2022 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2022-23 | £177.0 billion | £123.8 billion | 7.1% | 4.7% |
| 2023-24 | £140.0 billion | £135.2 billion | 5.5% | 4.8% |
| 2024-25 | £84.3 billion | £149.8 billion | 3.2% | 5.1% |
| 2025-26 | £76.9 billion | £134.3 billion | 2.8% | 4.4% |
| 2026-27 | £80.3 billion | not yet published | 2.9% | – |
| 2027-28 | £69.2 billion | not yet published | 2.4% | – |
| Financial year | OBR forecast, November 2022 | Outturn (OBR databank) |
|---|
| 2022-23 | 101.9% | 93.1% |
| 2023-24 | 106.7% | 94.1% |
| 2024-25 | 105.8% | 93.4% |
| 2025-26 | 101.7% | 93.3% |
| 2026-27 | 100.0% | not yet published |
| 2027-28 | 99.3% | not yet published |
Other OBR forecasts at Autumn Statement 2022
| Financial year | 2022-23 | 2023-24 | 2024-25 |
|---|
| Public sector current receipts | £1,004.9 billion | £1,058.7 billion | £1,096.0 billion |
| Total managed expenditure | £1,181.9 billion | £1,198.8 billion | £1,180.3 billion |
| Central government gross debt interest | £115.7 billion | £86.9 billion | £65.6 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.