Commons Sense

House of Commons · Written Ministerial Statement

Economy Update

05 January 2022 · Treasury

Proposed by Rishi Sunak Con Richmond and Northallerton

Economy

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The Minister Rishi Sunak provided an update on economic forecasts and the fiscal framework for the upcoming Budget.
  • The Office for Budget Responsibility has been tasked with producing a new economic forecast for March 23, 2022.
  • An updated Charter for Budget Responsibility has been laid before Parliament, reflecting the government's fiscal rules and investment plans announced in Autumn Budget and Spending Review 2021.

Issue summary

The Minister is providing an update on economic forecasts and the fiscal framework for the upcoming Budget.

Action requested

I have asked the Office for Budget Responsibility to produce a new economic forecast for March 23, 2022, as required by law. Additionally, I have laid before Parliament an updated Charter for Budget Responsibility reflecting the government's fiscal rules and investment plans announced in Autumn Budget and Spending Review 2021.

Key facts

  • The OBR must produce a forecast at least twice each financial year.
  • An updated Charter for Budget Responsibility has been published, including modified guidance to the OBR.
  • A debate and votes on the updated Charter and welfare cap will be scheduled in due course.
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