Key figures › Budgets › Autumn Statement 2023
Autumn Statement 2023
22 November 2023 · Chancellor of the Exchequer: Jeremy Hunt
Autumn Statement 2023 was presented on 22 November 2023, when Jeremy Hunt was Chancellor of the Exchequer. The OBR published its November 2023 Economic and fiscal outlook the same day. It forecast GDP growth of 0.6% for 2023; the ONS now reports 0.3%, below the forecast. For CPI inflation in 2023 it forecast 7.5%, and the ONS now reports 7.3%. It put public sector net borrowing for 2023-24 at £123.9 billion (4.5% of GDP); the outturn now published is £135.2 billion (4.8% of GDP). Net debt at the end of 2023-24 was forecast at 97.9% of GDP, against 94.1% in the latest outturn. Compared with the previous OBR forecast (Spring Budget 2023), the borrowing forecast for 2024-25 moved from £85.4 billion to £84.6 billion.
| Year | OBR forecast, November 2023 | ONS outturn |
|---|
| 2023 | 0.6% | 0.3% |
| 2024 | 0.7% | 1.0% |
| 2025 | 1.4% | 1.3% |
| 2026 | 2.0% | not yet published |
| 2027 | 2.0% | not yet published |
| 2028 | 1.7% | not yet published |
| Year | OBR forecast, November 2023 | ONS outturn |
|---|
| 2023 | 7.5% | 7.3% |
| 2024 | 3.6% | 2.5% |
| 2025 | 1.8% | 3.4% |
| 2026 | 1.4% | not yet published |
| 2027 | 1.7% | not yet published |
| 2028 | 2.0% | not yet published |
| Financial year | OBR forecast, November 2023 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2023-24 | £123.9 billion | £135.2 billion | 4.5% | 4.8% |
| 2024-25 | £84.6 billion | £149.8 billion | 3.0% | 5.1% |
| 2025-26 | £76.8 billion | £134.3 billion | 2.7% | 4.4% |
| 2026-27 | £68.4 billion | not yet published | 2.3% | – |
| 2027-28 | £49.1 billion | not yet published | 1.6% | – |
| 2028-29 | £35.0 billion | not yet published | 1.1% | – |
| Financial year | OBR forecast, November 2023 | Outturn (OBR databank) |
|---|
| 2023-24 | 97.9% | 94.1% |
| 2024-25 | 98.6% | 93.4% |
| 2025-26 | 96.3% | 93.3% |
| 2026-27 | 95.5% | not yet published |
| 2027-28 | 95.0% | not yet published |
| 2028-29 | 94.1% | not yet published |
Other OBR forecasts at Autumn Statement 2023
| Financial year | 2023-24 | 2024-25 | 2025-26 |
|---|
| Public sector current receipts | £1,098.4 billion | £1,152.2 billion | £1,187.7 billion |
| Total managed expenditure | £1,222.3 billion | £1,236.8 billion | £1,264.5 billion |
| Central government gross debt interest | £92.7 billion | £86.5 billion | £88.4 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 2023 · Spring Budget 2024 →
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.