Treasury Update:Written statement - HLWS126

Made on: 27 February 2020
Made by: Lord Agnew of Oulton (Minister of State)

Treasury Update

My right honourable friend the Chancellor of the Exchequer (Rishi Sunak) has today made the following Written Ministerial Statement.

Today, the Office for Budget Responsibility (OBR) wrote to me setting out the options for their second forecast for the 2019-20 financial year, consistent with fulfilling their duties under the Budget Responsibility and National Audit Act 2011 (BRNA). The BRNA states that the OBR are legally required to produce two economic and fiscal forecasts in each financial year. A forecast was originally planned alongside the Autumn Budget that was cancelled due to the General Election. The first forecast of the year will now be produced alongside the upcoming Spring Budget. However, to fulfil their duty the OBR must produce another forecast before the end of the financial year. I have commissioned the OBR to publish a second forecast on 13 March which will focus on providing updated information on debt interest. The second forecast will be laid in Parliament on 13 March with copies available in the Vote Office and Printed Paper Office. A copy of the letter from the OBR and my response will be placed in the Libraries of the House.

This statement has also been made in the House of Commons: HCWS132

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