Budgets
What did Budget 2025 forecast, and what happened?
Forecast figures appear here once the OBR files are loaded. The HM Treasury documents are linked above.
OBR forecasts not loaded yet.
- Chancellor
- Rachel Reeves
- Government
- Labour
- Type
- Budget
- Date
- 26 November 2025
OBR forecast not loaded yet
Forecast figures appear here once the OBR files are loaded. The HM Treasury documents are linked above. See Data health.
Fiscal rules at this event
Current budget
Target: Current budget in balance or surplus
Target year: 2029-30
Outcome: Not assessed. The outcome for Current budget has not been assessed yet.
Charter for Budget Responsibility, Autumn 2024Net financial debt
Target: Public sector net financial liabilities falling as a share of GDP
Target year: 2029-30
Outcome: Not assessed. The outcome for Net financial debt has not been assessed yet.
Charter for Budget Responsibility, Autumn 2024
Largest policy measures
Measures not loaded yet
Measures appear once the OBR policy measures database is loaded. See Data health.
How to read these comparisons
- Outturn figures are revised by the ONS for years after the event. Each difference uses the ONS release shown in Sources, and is updated when the ONS revises.
- Changes to how things are classified, such as the treatment of student loans or the Bank of England's schemes, can move borrowing and debt without any change in policy. These are marked "Basis changed".
- Each forecast assumes the policies in place at the time. Later policy changes are one reason outturns differ.
- Large shocks, such as the pandemic and the energy price rise, account for many of the biggest differences. A forecast difference is not a broken promise.