National Income
Question
Jim Shannon
To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of recent trends in the level of GDP.
Answer
Andrew GriffithHM Treasury does not prepare forecasts for the UK economy, including assessments of the impact of the Budget, which are the responsibility of the independent Office for Budget Responsibility (OBR).
The OBR judged that the overall impact of the policy package announced at Spring Budget 2023 is to increase the level of real GDP by around 0.2 per cent in 2027-28. This is the largest upward revision made to potential output as a result of government fiscal policy decisions in any of the OBR’s forecasts since 2010.
Further details can be found in the OBR’s latest Economic and Fiscal Outlook, published in March 2023: https://obr.uk/efo/economic-and-fiscal-outlook-march-2023/