Title page
Contents
Summary 4
1. Introduction 7
2. Public finances 8
2.1. Autumn Statement 2023: A recap 8
2.2. Government borrowing 8
2.3. Factors that could affect the OBR's March 2024 borrowing forecast 16
2.4. Government debt 26
2.5. Government debt interest 28
3. Economic situation 32
3.1. GDP growth 32
3.2. Inflation 36
3.3. Interest rates 41
3.4. Labour market 45
4. Tax, benefits and minimum wages in 2024/25 49
4.1. Taxes 49
4.2. Benefits, pensions and other payments 52
4.3. National minimum wage 54
5. Parliament's role in raising taxes and government spending 55
5.1. What happens after the Budget statement? 55
5.2. Parliament's fiscal year 55
Boxes
Box 1. What is the Office for Budget Responsibility? 15
Box 2. The next Spending Review 18
Box 3. What is a recession? 33