Autumn Statement 2015 Briefing

Technical Notes

In July 2015, George Osborne presented his post-election Budget against a background of an economy that had grown at 3.0% in 2014 and was enjoying zero inflation. The revenue-raising measures he announced then allowed the Office for Budget Responsibility (OBR) to reduce its projection for net government borrowing in 2015/16 to £74.1bn, a 20.9% drop from the previous year.

Four months on and inflation is still absent, and while annual growth slowed to 2.3% in the third quarter of 2015, the OBR has decided to keep its 2015 estimate unchanged at 2.4% and added 0.1% to its forecast for each of the following two years.

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