2023 budget document

Source: https://www.gov.uk/government/publications/spring-budget-2023

Budget 2023: UK economy will avoid recession in 2023 and inflation set to plummet, says chancellor – Sky News

OBR fiscal outlook

https://obr.uk/efo/economic-and-fiscal-outlook-march-2023/#chapter-1

Executive summary

1.1 The economic and fiscal outlook has brightened somewhat since our previous forecast in November. The near-term economic downturn is set to be shorter and shallower; medium-term output to be higher; and the budget deficit and public debt to be lower. But this reverses only part of the costs of the energy crisis, which are being felt on top of larger costs from the pandemic. And persistent supply-side challenges continue to weigh on future growth prospects. Against this backdrop, the Chancellor has spent two-thirds of the improvement in the fiscal outlook on his Budget measures, providing more support with energy bills and business investment in the near term, while boosting labour supply in the medium term. This lowers inflation this year and, more significantly, sustainably raises employment and output in the medium term. But it leaves debt falling by only the narrowest of margins in five years’ time.