Autumn Statement 2016

Author (Corporate)
Series Title
Series Details 23.11.16
Publication Date 23/11/2016
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The United Kingdom government published its Autumn Statement on 23 November 2016. The Autumn Statement, seen as a mini-budget, was based on the latest forecasts from the Office for Budget Responsibility for the economy and public finances, and needed to take into account the UK decision to leave the European Union.

The OBS published its latest Economic and fiscal outlook also on the 23 November 2016. It set out forecasts for the economy and the public finances, and an assessment of whether the Government was likely to achieve its fiscal targets.

The OBR reported that the UK Government was no longer on course to balance the budget during the current Parliament and had formally dropped this ambition in a significant loosening of its fiscal targets. Public sector net borrowing was now expected to fall more slowly than the OBR had forecast in March 2016, primarily reflecting weak tax receipts so far in 2016 and a more subdued outlook for economic growth as the UK negotiated a new relationship with the European Union.

Brexit supporting MPs criticised the pessimistic nature of the Chancellors's statement and the OBR's forecasts.

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