OBR: Undisclosed spending pressures led to 'materially different' Spring Budget forecasts

Additional £9.5bn in spending pressures

The Office for Budget Responsibility said that its Spring Budget 2024 spending forecasts would have been “materially different” if former chancellor Jeremy Hunt’s office had not failed to disclose an additional £9.5bn in spending pressures.

A review published by the UK's independent fiscal watchdog today (30 October) found that if the withheld information had been shared before the Budget, it would have led to a different assessment of 2024-25 departmental spending. The underspend assumption of £2.9bn would "very likely" have been dropped, leading to a "materially higher" spending forecast. However, the OBR noted it is not possible to judge exactly how much higher.  Autumn Budget 24: Government to raise taxes by £40bn to plug UK's fiscal hole Had the OBR been fully informed of the pressures during the March forecast p...