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Spending Review 2020
25 November 2020 · Chancellor of the Exchequer: Rishi Sunak
Spending Review 2020 was presented on 25 November 2020, when Rishi Sunak was Chancellor of the Exchequer. The OBR published its November 2020 Economic and fiscal outlook the same day. It forecast GDP growth of -11.3% for 2020; the ONS now reports -10.0%, above the forecast. For CPI inflation in 2020 it forecast 0.8%, and the ONS now reports 0.9%. It put public sector net borrowing for 2020-21 at £393.5 billion (19.0% of GDP); the outturn now published is £310.8 billion (14.7% of GDP). Net debt at the end of 2020-21 was forecast at 105.2% of GDP, against 95.5% in the latest outturn. Compared with the previous OBR forecast (Budget 2020), the borrowing forecast for 2021-22 moved from £66.7 billion to £164.2 billion.
| Year | OBR forecast, November 2020 | ONS outturn |
|---|
| 2020 | -11.3% | -10.0% |
| 2021 | 5.5% | 8.5% |
| 2022 | 6.6% | 5.1% |
| 2023 | 2.3% | 0.3% |
| 2024 | 1.7% | 1.0% |
| 2025 | 1.8% | 1.3% |
| Year | OBR forecast, November 2020 | ONS outturn |
|---|
| 2020 | 0.8% | 0.9% |
| 2021 | 1.2% | 2.6% |
| 2022 | 1.6% | 9.1% |
| 2023 | 1.7% | 7.3% |
| 2024 | 1.9% | 2.5% |
| 2025 | 2.0% | 3.4% |
| Financial year | OBR forecast, November 2020 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2020-21 | £393.5 billion | £310.8 billion | 19.0% | 14.7% |
| 2021-22 | £164.2 billion | £116.0 billion | 7.4% | 4.8% |
| 2022-23 | £104.6 billion | £123.8 billion | 4.4% | 4.7% |
| 2023-24 | £100.4 billion | £135.2 billion | 4.1% | 4.8% |
| 2024-25 | £99.6 billion | £149.8 billion | 3.9% | 5.1% |
| 2025-26 | £101.8 billion | £134.3 billion | 3.9% | 4.4% |
| Financial year | OBR forecast, November 2020 | Outturn (OBR databank) |
|---|
| 2020-21 | 105.2% | 95.5% |
| 2021-22 | 108.0% | 94.3% |
| 2022-23 | 108.6% | 93.1% |
| 2023-24 | 109.4% | 94.1% |
| 2024-25 | 105.0% | 93.4% |
| 2025-26 | 104.7% | 93.3% |
Other OBR forecasts at Spending Review 2020
| Financial year | 2020-21 | 2021-22 | 2022-23 |
|---|
| Public sector current receipts | £771.0 billion | £847.3 billion | £885.9 billion |
| Total managed expenditure | £1,164.6 billion | £1,011.5 billion | £990.5 billion |
| Central government gross debt interest | £39.5 billion | £36.0 billion | £38.6 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.