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Budget 2012
21 March 2012 · Chancellor of the Exchequer: George Osborne
Budget 2012 was presented on 21 March 2012, when George Osborne was Chancellor of the Exchequer. The OBR published its March 2012 Economic and fiscal outlook the same day. It forecast GDP growth of 0.8% for 2012; the ONS now reports 1.5%, above the forecast. For CPI inflation in 2012 it forecast 2.8%, and the ONS now reports 2.8%. It put public sector net borrowing for 2011-12 at £126.0 billion (8.3% of GDP); the outturn now published is £122.1 billion (7.3% of GDP). Net debt at the end of 2011-12 was forecast at 67.3% of GDP, against 73.9% in the latest outturn. Compared with the previous OBR forecast (Autumn Statement 2011), the borrowing forecast for 2012-13 moved from £120.0 billion to £92.0 billion.
| Year | OBR forecast, March 2012 | ONS outturn |
|---|
| 2012 | 0.8% | 1.5% |
| 2013 | 2.0% | 1.7% |
| 2014 | 2.7% | 3.2% |
| 2015 | 3.0% | 2.1% |
| 2016 | 3.0% | 2.2% |
| Year | OBR forecast, March 2012 | ONS outturn |
|---|
| 2012 | 2.8% | 2.8% |
| 2013 | 1.9% | 2.6% |
| 2014 | 1.9% | 1.5% |
| 2015 | 2.0% | 0.0% |
| 2016 | 2.0% | 0.7% |
| Financial year | OBR forecast, March 2012 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2011-12 | £126.0 billion | £122.1 billion | 8.3% | 7.3% |
| 2012-13 | £92.0 billion | £123.6 billion | 5.8% | 7.1% |
| 2013-14 | £98.0 billion | £102.4 billion | 5.9% | 5.7% |
| 2014-15 | £75.0 billion | £98.1 billion | 4.3% | 5.2% |
| 2015-16 | £52.0 billion | £80.1 billion | 2.8% | 4.1% |
| 2016-17 | £21.0 billion | £57.1 billion | 1.1% | 2.8% |
| Financial year | OBR forecast, March 2012 | Outturn (OBR databank) |
|---|
| 2011-12 | 67.3% | 73.9% |
| 2012-13 | 71.9% | 77.2% |
| 2013-14 | 75.0% | 78.8% |
| 2014-15 | 76.3% | 81.1% |
| 2015-16 | 76.0% | 80.6% |
| 2016-17 | 74.3% | 82.7% |
Other OBR forecasts at Budget 2012
| Financial year | 2011-12 | 2012-13 | 2013-14 |
|---|
| Public sector current receipts | £570.4 billion | £591.5 billion | £622.5 billion |
| Total managed expenditure | £696.4 billion | £683.4 billion | £720.0 billion |
| Central government gross debt interest | £47.4 billion | £44.8 billion | £46.1 billion |
OBR forecasts as recorded in its historical official forecasts database. Each linked figure's forecast page sets every forecast beside the outturn.
← Autumn Statement 2011 · Autumn Statement 2012 →
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.