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Economy Update
05 January 2022
Type
Written Ministerial Statement
Department
Treasury
At a Glance
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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Assessment & feedback
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