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Spring Budget 2024
6 March 2024 · Chancellor of the Exchequer: Jeremy Hunt
Spring Budget 2024 was presented on 6 March 2024, when Jeremy Hunt was Chancellor of the Exchequer. The OBR published its March 2024 Economic and fiscal outlook the same day. It forecast GDP growth of 0.8% for 2024; the ONS now reports 1.0%, above the forecast. For CPI inflation in 2024 it forecast 2.2%, and the ONS now reports 2.5%. It put public sector net borrowing for 2023-24 at £114.1 billion (4.2% of GDP); the outturn now published is £135.2 billion (4.8% of GDP). Net debt at the end of 2023-24 was forecast at 97.6% of GDP, against 94.1% in the latest outturn. Compared with the previous OBR forecast (Autumn Statement 2023), the borrowing forecast for 2024-25 moved from £84.6 billion to £87.2 billion.
| Year | OBR forecast, March 2024 | ONS outturn |
|---|
| 2024 | 0.8% | 1.0% |
| 2025 | 1.9% | 1.3% |
| 2026 | 2.0% | not yet published |
| 2027 | 1.8% | not yet published |
| 2028 | 1.7% | not yet published |
| Year | OBR forecast, March 2024 | ONS outturn |
|---|
| 2024 | 2.2% | 2.5% |
| 2025 | 1.5% | 3.4% |
| 2026 | 1.6% | not yet published |
| 2027 | 1.9% | not yet published |
| 2028 | 2.0% | not yet published |
| Financial year | OBR forecast, March 2024 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2023-24 | £114.1 billion | £135.2 billion | 4.2% | 4.8% |
| 2024-25 | £87.2 billion | £149.8 billion | 3.1% | 5.1% |
| 2025-26 | £77.5 billion | £134.3 billion | 2.7% | 4.4% |
| 2026-27 | £68.7 billion | not yet published | 2.3% | – |
| 2027-28 | £50.6 billion | not yet published | 1.6% | – |
| 2028-29 | £39.4 billion | not yet published | 1.2% | – |
| Financial year | OBR forecast, March 2024 | Outturn (OBR databank) |
|---|
| 2023-24 | 97.6% | 94.1% |
| 2024-25 | 98.8% | 93.4% |
| 2025-26 | 96.4% | 93.3% |
| 2026-27 | 95.5% | not yet published |
| 2027-28 | 95.1% | not yet published |
| 2028-29 | 94.3% | not yet published |
Other OBR forecasts at Spring Budget 2024
| Financial year | 2023-24 | 2024-25 | 2025-26 |
|---|
| Public sector current receipts | £1,102.2 billion | £1,139.1 billion | £1,174.2 billion |
| Total managed expenditure | £1,216.3 billion | £1,226.3 billion | £1,251.7 billion |
| Central government gross debt interest | £82.2 billion | £73.5 billion | £80.8 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 2023 · Autumn Budget 2024 →
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.