UK's OBR: Budget delivers third-largest medium-term tax increase since 2010

The UK's Office for Budget Responsibility (OBR) said on Wednesday that around three-quarters of the planned reduction in borrowing over the next five years now comes from tax increases, according to the Autumn Budget.

Key takeaways

"There is still significant uncertainty about the future direction of the US and global trade policy, with threats of higher tariffs on many trading partners."

"In central forecast, the government’s fiscal mandate for the current budget to be in balance in 2029-30 is met by a margin of 22 billion pounds."

"Budget policies increase spending in every year and by £11 billion in 2029-30."

"Public sector net borrowing (PSNB) forecast 138.3 billion Sterling in 2025-26."

"PSNB forecast 112.1 billion Sterling in 2026-27, 98.5 billion Sterling in 2027-28."

"PSNB forecast 86.9 billion Sterling in 2028-29, 67.9 billion Sterling in 2029-30."

"Tax take to reach record 38.3% of GDP by 2030-31."

"As share of GDP, budget delivers third-largest medium-term tax increase since OBR established in 2010."

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