Title page
Contents
1. Introduction 5
1.1. The Budget Speech 5
2. Policy announcements 6
2.1. Government spending 6
2.2. Tax 10
3. OBR forecasts for the economy 11
3.1. GDP growth 11
3.2. Inflation 13
3.3. Household incomes 13
3.4. Unemployment and employment 14
3.5. Business investment 15
3.6. Long-term growth assumptions 16
3.7. Summary of OBR forecasts for the economy 17
4. OBR public finance forecasts 18
4.1. Government borrowing 18
4.2. Government debt 20
4.3. The Chancellor's fiscal targets 21