Key figures › Budgets › Spring Statement 2022
Spring Statement 2022
23 March 2022 · Chancellor of the Exchequer: Rishi Sunak
Spring Statement 2022 was presented on 23 March 2022, when Rishi Sunak was Chancellor of the Exchequer. The OBR published its March 2022 Economic and fiscal outlook the same day. It forecast GDP growth of 3.8% for 2022; the ONS now reports 5.1%, above the forecast. For CPI inflation in 2022 it forecast 7.4%, and the ONS now reports 9.1%. It put public sector net borrowing for 2021-22 at £127.8 billion (5.4% of GDP); the outturn now published is £116.0 billion (4.8% of GDP). Net debt at the end of 2021-22 was forecast at 95.6% of GDP, against 94.3% in the latest outturn. Compared with the previous OBR forecast (Autumn Budget and Spending Review 2021), the borrowing forecast for 2022-23 moved from £83.0 billion to £99.1 billion.
| Year | OBR forecast, March 2022 | ONS outturn |
|---|
| 2022 | 3.8% | 5.1% |
| 2023 | 1.8% | 0.3% |
| 2024 | 2.1% | 1.0% |
| 2025 | 1.8% | 1.3% |
| 2026 | 1.7% | not yet published |
| Year | OBR forecast, March 2022 | ONS outturn |
|---|
| 2022 | 7.4% | 9.1% |
| 2023 | 4.0% | 7.3% |
| 2024 | 1.5% | 2.5% |
| 2025 | 1.9% | 3.4% |
| 2026 | 2.0% | not yet published |
| Financial year | OBR forecast, March 2022 | Outturn (OBR databank) | Forecast, per cent of GDP | Outturn, per cent of GDP |
|---|
| 2021-22 | £127.8 billion | £116.0 billion | 5.4% | 4.8% |
| 2022-23 | £99.1 billion | £123.8 billion | 3.9% | 4.7% |
| 2023-24 | £50.2 billion | £135.2 billion | 1.9% | 4.8% |
| 2024-25 | £36.5 billion | £149.8 billion | 1.3% | 5.1% |
| 2025-26 | £34.8 billion | £134.3 billion | 1.2% | 4.4% |
| 2026-27 | £31.6 billion | not yet published | 1.1% | – |
| Financial year | OBR forecast, March 2022 | Outturn (OBR databank) |
|---|
| 2021-22 | 95.6% | 94.3% |
| 2022-23 | 95.5% | 93.1% |
| 2023-24 | 94.1% | 94.1% |
| 2024-25 | 91.2% | 93.4% |
| 2025-26 | 85.8% | 93.3% |
| 2026-27 | 83.1% | not yet published |
Other OBR forecasts at Spring Statement 2022
| Financial year | 2021-22 | 2022-23 | 2023-24 |
|---|
| Public sector current receipts | £899.5 billion | £987.5 billion | £1,050.1 billion |
| Total managed expenditure | £1,027.3 billion | £1,086.6 billion | £1,100.3 billion |
| Central government gross debt interest | £69.5 billion | £87.2 billion | £51.5 billion |
OBR forecasts as recorded in its historical official forecasts database. Each linked figure's forecast page sets every forecast beside the outturn.
← Autumn Budget and Spending Review 2021 · The Growth Plan 2022 →
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.