How to spend it: Autumn 2018 Budget response

Document type
Briefing
Author(s)
Whittaker, Matthew
Publisher
Resolution Foundation
Date of publication
30 October 2018
Subject(s)
Poverty Alleviation Welfare Benefits and Financial Inclusion, Employment, Families
Collection
Social welfare
Material type
Reports

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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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