How to spend it: Autumn 2018 Budget response

Document type
Whittaker, Matthew
Resolution Foundation
Date of publication
30 October 2018
Poverty Alleviation Welfare Benefits and Financial Inclusion, Employment, Families
Social welfare
Material type

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The OBR has provided the Chancellor with a significant fiscal windfall, and he’s chosen to use almost all of it. As expected ahead of the Budget, the Chancellor received a sizeable present from the OBR. On a pre-measures basis, the fiscal watchdog lowered its borrowing projection for the current financial year by £11.9 billion relative to its position at March’s Spring Statement. This means that instead of projecting government borrowing to come in at £37.1 billion in 2018-19, the OBR now forecasts a total of £25.5 billion.

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