Key figures › Budgets › Spring Budget 2023
Spring Budget 2023
15 March 2023 · Chancellor of the Exchequer: Jeremy Hunt
Spring Budget 2023 was presented on 15 March 2023, when Jeremy Hunt was Chancellor of the Exchequer. The OBR published its March 2023 Economic and fiscal outlook the same day. It forecast GDP growth of -0.2% for 2023; the ONS now reports 0.3%, above the forecast. For CPI inflation in 2023 it forecast 6.1%, and the ONS now reports 7.3%. It put public sector net borrowing for 2022-23 at £152.4 billion (6.1% of GDP); the outturn now published is £123.8 billion (4.7% of GDP). Net debt at the end of 2022-23 was forecast at 100.6% of GDP, against 93.1% in the latest outturn. Compared with the previous OBR forecast (Autumn Statement 2022), the borrowing forecast for 2023-24 moved from £140.0 billion to £131.6 billion.
| Year | OBR forecast, March 2023 | ONS outturn |
|---|
| 2023 | -0.2% | 0.3% |
| 2024 | 1.8% | 1.0% |
| 2025 | 2.5% | 1.3% |
| 2026 | 2.1% | not yet published |
| 2027 | 1.9% | not yet published |
| Year | OBR forecast, March 2023 | ONS outturn |
|---|
| 2023 | 6.1% | 7.3% |
| 2024 | 0.9% | 2.5% |
| 2025 | 0.1% | 3.4% |
| 2026 | 0.5% | not yet published |
| 2027 | 1.6% | not yet published |
| Financial year | OBR forecast, March 2023 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2022-23 | £152.4 billion | £123.8 billion | 6.1% | 4.7% |
| 2023-24 | £131.6 billion | £135.2 billion | 5.1% | 4.8% |
| 2024-25 | £85.4 billion | £149.8 billion | 3.2% | 5.1% |
| 2025-26 | £76.7 billion | £134.3 billion | 2.8% | 4.4% |
| 2026-27 | £63.5 billion | not yet published | 2.2% | – |
| 2027-28 | £49.3 billion | not yet published | 1.7% | – |
| Financial year | OBR forecast, March 2023 | Outturn (OBR databank) |
|---|
| 2022-23 | 100.6% | 93.1% |
| 2023-24 | 103.1% | 94.1% |
| 2024-25 | 102.4% | 93.4% |
| 2025-26 | 99.1% | 93.3% |
| 2026-27 | 97.6% | not yet published |
| 2027-28 | 96.9% | not yet published |
Other OBR forecasts at Spring Budget 2023
| Financial year | 2022-23 | 2023-24 | 2024-25 |
|---|
| Public sector current receipts | £1,019.7 billion | £1,057.6 billion | £1,103.7 billion |
| Total managed expenditure | £1,172.0 billion | £1,189.2 billion | £1,189.1 billion |
| Central government gross debt interest | £111.4 billion | £76.9 billion | £66.6 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 2022 · Autumn Statement 2023 →
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.