Posted By Global Banking and Finance Review
Posted on December 16, 2024
LONDON (Reuters) - Britain will publish its next set of economic and fiscal forecasts from the Office for Budget Responsibility (OBR) on March 26, finance minister Rachel Reeves said in a statement on Monday.
The forecasts will be the first test of whether Keir Starmer's Labour Party government, elected in July, is on track to meet its targets on economic growth and raising household disposable incomes.
They will also show whether Reeves is on course to meet her fiscal rule of balancing day-to-day spending with tax revenues by the end of the decade, a challenge that appears harder to meet after weaker-than-expected economic growth figure recently.
The independent OBR produces five-year forecasts for the economy and public finances twice a year, typically alongside a fiscal statement from the government. The last set were published on Oct. 30 when Reeves announced her first budget.
The government plans to hold one full budget per year in the autumn.
(Reporting by Sarah Young and William James)
