VAT
(asked on 2nd September 2022) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the total VAT receipts contained in the (a) March 2021, (b) November 2021 and (c) March 2022 budgets for each financial year for the remaining parliamentary term.
The Office for Budget Responsibility (OBR) is the Government’s official forecaster, with responsibility for providing independent analysis of the public finances.
The forecast for VAT receipts for each financial year in the remaining parliamentary term are from the OBR’s Economic and Fiscal Outlook (EFO) in March 2021, October 2021, and March 2022. These forecasts are as follows:
Forecast for VAT Receipts (£Bn) | 2022-23 | 2023-24 | 2024-25 |
March 2021 EFO | 145.6 | 149.7 | 155.1 |
October 2021 EFO | 155.0 | 159.1 | 163.1 |
March 2022 EFO | 154.2 | 160.0 | 164.7 |
Forecast for VAT Receipts (% of GDP) | 2022-23 | 2023-24 | 2024-25 |
March 2021 EFO | 6.1 | 6.1 | 6.1 |
October 2021 EFO | 6.2 | 6.2 | 6.1 |
March 2022 EFO | 6.1 | 6.1 | 6.0 |