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Budget 2020
11 March 2020 · Chancellor of the Exchequer: Rishi Sunak
Budget 2020 was presented on 11 March 2020, when Rishi Sunak was Chancellor of the Exchequer. The OBR published its March 2020 Economic and fiscal outlook the same day. It forecast GDP growth of 1.1% for 2020; the ONS now reports -10.0%, below the forecast. For CPI inflation in 2020 it forecast 1.4%, and the ONS now reports 0.9%. It put public sector net borrowing for 2019-20 at £47.4 billion (2.1% of GDP); the outturn now published is £58.8 billion (2.6% of GDP). Net debt at the end of 2019-20 was forecast at 79.5% of GDP, against 84.5% in the latest outturn. Compared with the previous OBR forecast (Spring Statement 2019), the borrowing forecast for 2020-21 moved from £21.2 billion to £54.8 billion.
| Year | OBR forecast, March 2020 | ONS outturn |
|---|
| 2020 | 1.1% | -10.0% |
| 2021 | 1.8% | 8.5% |
| 2022 | 1.5% | 5.1% |
| 2023 | 1.3% | 0.3% |
| 2024 | 1.4% | 1.0% |
| Year | OBR forecast, March 2020 | ONS outturn |
|---|
| 2020 | 1.4% | 0.9% |
| 2021 | 1.8% | 2.6% |
| 2022 | 2.1% | 9.1% |
| 2023 | 2.1% | 7.3% |
| 2024 | 2.0% | 2.5% |
| Financial year | OBR forecast, March 2020 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2019-20 | £47.4 billion | £58.8 billion | 2.1% | 2.6% |
| 2020-21 | £54.8 billion | £310.8 billion | 2.4% | 14.7% |
| 2021-22 | £66.7 billion | £116.0 billion | 2.8% | 4.8% |
| 2022-23 | £61.5 billion | £123.8 billion | 2.5% | 4.7% |
| 2023-24 | £60.2 billion | £135.2 billion | 2.4% | 4.8% |
| 2024-25 | £57.9 billion | £149.8 billion | 2.2% | 5.1% |
| Financial year | OBR forecast, March 2020 | Outturn (OBR databank) |
|---|
| 2019-20 | 79.5% | 84.5% |
| 2020-21 | 77.4% | 95.5% |
| 2021-22 | 75.0% | 94.3% |
| 2022-23 | 75.4% | 93.1% |
| 2023-24 | 75.6% | 94.1% |
| 2024-25 | 75.2% | 93.4% |
Other OBR forecasts at Budget 2020
| Financial year | 2019-20 | 2020-21 | 2021-22 |
|---|
| Public sector current receipts | £839.3 billion | £872.9 billion | £910.8 billion |
| Total managed expenditure | £886.8 billion | £927.7 billion | £977.4 billion |
| Central government gross debt interest | £49.0 billion | £44.7 billion | £47.6 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.