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Economy Update

Statement made on 5 January 2022

Statement UIN HCWS513

Statement

Today I can inform the House that I have asked the Office for Budget Responsibility to produce an economic and fiscal forecast for Wednesday 23 March 2022, as per the Charter for Budget Responsibility. The Budget Responsibility and National Audit Act 2011 states that the OBR must produce a forecast on at least two occasions each financial year.

Today I have also laid before Parliament an updated Charter for Budget Responsibility. The updated Charter sets out the new fiscal framework announced at Autumn Budget and Spending Review 2021.

The new fiscal rules will allow the government to continue funding first-class public services and drive economic growth through record investment, while ensuring that debt falls over the medium term.

In accordance with the Budget Responsibility and National Audit Act 2011, the Charter was first published in draft on 27 October as it includes modified guidance to the Office for Budget Responsibility. No further changes have been made to the updated Charter since it was published in draft.

A debate and votes in the House of Commons on the updated Charter and the level of the welfare cap will be scheduled in due course.

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Treasury

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This statement has also been made in the House of Lords

Treasury
Economy Update
Lord Agnew of Oulton
Minister of State
Conservative, Life peer
Statement made 5 January 2022
HLWS500
Lords