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Budget 2013
20 March 2013 · Chancellor of the Exchequer: George Osborne
Budget 2013 was presented on 20 March 2013, when George Osborne was Chancellor of the Exchequer. The OBR published its March 2013 Economic and fiscal outlook the same day. It forecast GDP growth of 0.6% for 2013; the ONS now reports 1.7%, above the forecast. For CPI inflation in 2013 it forecast 2.8%, and the ONS now reports 2.6%. It put public sector net borrowing for 2012-13 at £86.5 billion (5.6% of GDP); the outturn now published is £123.6 billion (7.1% of GDP). Net debt at the end of 2012-13 was forecast at 75.9% of GDP, against 77.2% in the latest outturn. Compared with the previous OBR forecast (Autumn Statement 2012), the borrowing forecast for 2013-14 moved from £99.3 billion to £107.7 billion.
| Year | OBR forecast, March 2013 | ONS outturn |
|---|
| 2013 | 0.6% | 1.7% |
| 2014 | 1.8% | 3.2% |
| 2015 | 2.3% | 2.1% |
| 2016 | 2.7% | 2.2% |
| 2017 | 2.8% | 3.0% |
| Year | OBR forecast, March 2013 | ONS outturn |
|---|
| 2013 | 2.8% | 2.6% |
| 2014 | 2.4% | 1.5% |
| 2015 | 2.1% | 0.0% |
| 2016 | 2.0% | 0.7% |
| 2017 | 2.0% | 2.7% |
| Financial year | OBR forecast, March 2013 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2012-13 | £86.5 billion | £123.6 billion | 5.6% | 7.1% |
| 2013-14 | £107.7 billion | £102.4 billion | 6.8% | 5.7% |
| 2014-15 | £97.3 billion | £98.1 billion | 5.9% | 5.2% |
| 2015-16 | £87.1 billion | £80.1 billion | 5.0% | 4.1% |
| 2016-17 | £60.8 billion | £57.1 billion | 3.4% | 2.8% |
| 2017-18 | £42.0 billion | £61.4 billion | 2.2% | 2.9% |
| Financial year | OBR forecast, March 2013 | Outturn (OBR databank) |
|---|
| 2012-13 | 75.9% | 77.2% |
| 2013-14 | 79.2% | 78.8% |
| 2014-15 | 82.6% | 81.1% |
| 2015-16 | 85.1% | 80.6% |
| 2016-17 | 85.6% | 82.7% |
| 2017-18 | 84.8% | 81.7% |
Other OBR forecasts at Budget 2013
| Financial year | 2012-13 | 2013-14 | 2014-15 |
|---|
| Public sector current receipts | £586.8 billion | £612.4 billion | £633.1 billion |
| Total managed expenditure | £673.3 billion | £720.0 billion | £730.4 billion |
| Central government gross debt interest | £46.5 billion | £49.5 billion | £51.8 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.