Key figures › Budgets › Budget 2014
Budget 2014
19 March 2014 · Chancellor of the Exchequer: George Osborne
Budget 2014 was presented on 19 March 2014, when George Osborne was Chancellor of the Exchequer. The OBR published its March 2014 Economic and fiscal outlook the same day. It forecast GDP growth of 2.7% for 2014; the ONS now reports 3.2%, above the forecast. For CPI inflation in 2014 it forecast 1.9%, and the ONS now reports 1.5%. It put public sector net borrowing for 2013-14 at £95.6 billion (5.8% of GDP); the outturn now published is £102.4 billion (5.7% of GDP). Net debt at the end of 2013-14 was forecast at 74.5% of GDP, against 78.8% in the latest outturn. The borrowing forecast for 2014-15 was unchanged from the previous OBR forecast (Autumn Statement 2013) at £83.9 billion.
| Year | OBR forecast, March 2014 | ONS outturn |
|---|
| 2014 | 2.7% | 3.2% |
| 2015 | 2.3% | 2.1% |
| 2016 | 2.6% | 2.2% |
| 2017 | 2.6% | 3.0% |
| 2018 | 2.5% | 1.6% |
| Year | OBR forecast, March 2014 | ONS outturn |
|---|
| 2014 | 1.9% | 1.5% |
| 2015 | 2.0% | 0.0% |
| 2016 | 2.0% | 0.7% |
| 2017 | 2.0% | 2.7% |
| 2018 | 2.0% | 2.5% |
| Financial year | OBR forecast, March 2014 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2013-14 | £95.6 billion | £102.4 billion | 5.8% | 5.7% |
| 2014-15 | £83.9 billion | £98.1 billion | 4.9% | 5.2% |
| 2015-16 | £68.3 billion | £80.1 billion | 3.8% | 4.1% |
| 2016-17 | £41.5 billion | £57.1 billion | 2.2% | 2.8% |
| 2017-18 | £17.8 billion | £61.4 billion | 0.9% | 2.9% |
| 2018-19 | -£1.1 billion | £44.1 billion | -0.1% | 2.0% |
| Financial year | OBR forecast, March 2014 | Outturn (OBR databank) |
|---|
| 2013-14 | 74.5% | 78.8% |
| 2014-15 | 77.3% | 81.1% |
| 2015-16 | 78.7% | 80.6% |
| 2016-17 | 78.3% | 82.7% |
| 2017-18 | 76.5% | 81.7% |
| 2018-19 | 74.2% | 79.7% |
Other OBR forecasts at Budget 2014
| Financial year | 2013-14 | 2014-15 | 2015-16 |
|---|
| Public sector current receipts | £619.8 billion | £648.1 billion | £675.4 billion |
| Total managed expenditure | £715.5 billion | £732.0 billion | £743.6 billion |
| Central government gross debt interest | £48.4 billion | £52.1 billion | £59.1 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 2013 · Autumn Statement 2014 →
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.