Key figures › Budgets › Spring Budget 2017
Spring Budget 2017
8 March 2017 · Chancellor of the Exchequer: Philip Hammond
Spring Budget 2017 was presented on 8 March 2017, when Philip Hammond was Chancellor of the Exchequer. The OBR published its March 2017 Economic and fiscal outlook the same day. It forecast GDP growth of 2.0% for 2017; the ONS now reports 3.0%, above the forecast. For CPI inflation in 2017 it forecast 2.4%, and the ONS now reports 2.7%. It put public sector net borrowing for 2016-17 at £51.7 billion (2.6% of GDP); the outturn now published is £57.1 billion (2.8% of GDP). Net debt at the end of 2016-17 was forecast at 86.6% of GDP, against 82.7% in the latest outturn. Compared with the previous OBR forecast (Autumn Statement 2016), the borrowing forecast for 2017-18 moved from £59.0 billion to £58.3 billion.
| Year | OBR forecast, March 2017 | ONS outturn |
|---|
| 2017 | 2.0% | 3.0% |
| 2018 | 1.6% | 1.6% |
| 2019 | 1.7% | 1.3% |
| 2020 | 1.9% | -10.0% |
| 2021 | 2.0% | 8.5% |
| Year | OBR forecast, March 2017 | ONS outturn |
|---|
| 2017 | 2.4% | 2.7% |
| 2018 | 2.3% | 2.5% |
| 2019 | 2.0% | 1.8% |
| 2020 | 2.0% | 0.9% |
| 2021 | 2.0% | 2.6% |
| Financial year | OBR forecast, March 2017 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2016-17 | £51.7 billion | £57.1 billion | 2.6% | 2.8% |
| 2017-18 | £58.3 billion | £61.4 billion | 2.9% | 2.9% |
| 2018-19 | £40.8 billion | £44.1 billion | 1.9% | 2.0% |
| 2019-20 | £21.4 billion | £58.8 billion | 1.0% | 2.6% |
| 2020-21 | £20.6 billion | £310.8 billion | 0.9% | 14.7% |
| 2021-22 | £16.8 billion | £116.0 billion | 0.7% | 4.8% |
| Financial year | OBR forecast, March 2017 | Outturn (OBR databank) |
|---|
| 2016-17 | 86.6% | 82.7% |
| 2017-18 | 88.8% | 81.7% |
| 2018-19 | 88.5% | 79.7% |
| 2019-20 | 86.9% | 84.5% |
| 2020-21 | 83.0% | 95.5% |
| 2021-22 | 79.8% | 94.3% |
Other OBR forecasts at Spring Budget 2017
| Financial year | 2016-17 | 2017-18 | 2018-19 |
|---|
| Public sector current receipts | £721.1 billion | £744.2 billion | £776.4 billion |
| Total managed expenditure | £772.8 billion | £802.4 billion | £817.2 billion |
| Central government gross debt interest | £49.1 billion | £55.8 billion | £52.3 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 2016 · Autumn Budget 2017 →
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.