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Budget 2016
16 March 2016 · Chancellor of the Exchequer: George Osborne
Budget 2016 was presented on 16 March 2016, when George Osborne was Chancellor of the Exchequer. The OBR published its March 2016 Economic and fiscal outlook the same day. It forecast GDP growth of 2.0% for 2016; the ONS now reports 2.2%, above the forecast. For CPI inflation in 2016 it forecast 0.7%, and the ONS now reports 0.7%. It put public sector net borrowing for 2015-16 at £72.2 billion (3.8% of GDP); the outturn now published is £80.1 billion (4.1% of GDP). Net debt at the end of 2015-16 was forecast at 83.7% of GDP, against 80.6% in the latest outturn. Compared with the previous OBR forecast (Spending Review and Autumn Statement 2015), the borrowing forecast for 2016-17 moved from £49.9 billion to £55.5 billion.
| Year | OBR forecast, March 2016 | ONS outturn |
|---|
| 2016 | 2.0% | 2.2% |
| 2017 | 2.2% | 3.0% |
| 2018 | 2.1% | 1.6% |
| 2019 | 2.1% | 1.3% |
| 2020 | 2.1% | -10.0% |
| Year | OBR forecast, March 2016 | ONS outturn |
|---|
| 2016 | 0.7% | 0.7% |
| 2017 | 1.6% | 2.7% |
| 2018 | 2.0% | 2.5% |
| 2019 | 2.1% | 1.8% |
| 2020 | 2.0% | 0.9% |
| Financial year | OBR forecast, March 2016 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2015-16 | £72.2 billion | £80.1 billion | 3.8% | 4.1% |
| 2016-17 | £55.5 billion | £57.1 billion | 2.9% | 2.8% |
| 2017-18 | £38.8 billion | £61.4 billion | 1.9% | 2.9% |
| 2018-19 | £21.4 billion | £44.1 billion | 1.0% | 2.0% |
| 2019-20 | -£10.4 billion | £58.8 billion | -0.5% | 2.6% |
| 2020-21 | -£11.0 billion | £310.8 billion | -0.5% | 14.7% |
| Financial year | OBR forecast, March 2016 | Outturn (OBR databank) |
|---|
| 2015-16 | 83.7% | 80.6% |
| 2016-17 | 82.6% | 82.7% |
| 2017-18 | 81.3% | 81.7% |
| 2018-19 | 79.9% | 79.7% |
| 2019-20 | 77.2% | 84.5% |
| 2020-21 | 74.7% | 95.5% |
Other OBR forecasts at Budget 2016
| Financial year | 2015-16 | 2016-17 | 2017-18 |
|---|
| Public sector current receipts | £681.8 billion | £716.5 billion | £745.8 billion |
| Total managed expenditure | £753.9 billion | £771.9 billion | £784.6 billion |
| Central government gross debt interest | £45.7 billion | £47.8 billion | £51.0 billion |
OBR forecasts as recorded in its historical official forecasts database. Each linked figure's forecast page sets every forecast beside the outturn.
← Spending Review and Autumn Statement 2015 · Autumn Statement 2016 →
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.