Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to forecasts from the Institute for Fiscal Studies, what assessment he has made of the implications for his Department’s policies of raising £37 billion in tax above that forecast's estimate for July 2022.

The Office for Budget Responsibility (OBR) published an updated forecast on 23 November alongside the Autumn Statement, which is more recent than the Institute for Fiscal Studies analysis from the summer. The Government took steps at the Autumn Statement to put the public finances on a sustainable path. This required difficult decisions on both tax and spending. The OBR’s forecast took on all changes to the economic and fiscal outlook, including the latest policy decisions by the government. In this forecast, they revised their forecast of Public Sector Current Receipts in 2024-25 to £1,096.0 billion from their March of £1,090.4 billon (up £5.6 billion).