47881_Budget_2015_Web_Accessible

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Table C.8: Changes to the OBR’s forecast of public sector net borrowing£ billionForecast2014-15 2015-16 2016-17 2017-18 2018-19 2019-20December forecast 91.3 75.9 40.9 14.5 -4.0 -23.1March forecast 90.2 75.3 39.4 12.8 -5.2 -7.0Change -1.1 -0.7 -1.5 -1.8 -1.2 16.1Underlying OBR forecast changesTotal -1.1 0.1 0.5 0.4 -0.1 -4.6of which:Changes in the receipts forecast -1.1 3.3 4.9 5.8 4.0 -1.9of which:Inflation 0.1 0.7 0.7 0.4 0.8 1.0Other oil price effects -0.1 0.7 0.7 1.0 1.1 1.1Interest rates 0.0 0.3 0.5 0.6 0.5 0.6Housing market 0.2 1.5 2.1 1.8 0.9 -0.1Other -0.5 1.0 1.8 2.8 1.6 -3.4Classification changes -0.8 -0.9 -0.9 -0.9 -0.9 -1.0Changes in the spending forecast 0.0 -3.3Effect of applying Autumn Statement spendingpolicy assumptions post 2015-16 -4.4 -5.4 -4.1 -2.8of which:Inflation -2.2 -4.2 -4.7 -5.6 -6.5 -6.9Interest rates -0.3 -1.2 -2.1 -3.0 -3.9 -4.5Capital spending 1 1.0 2.0 2.0 2.0 2.3 2.9Other spending -0.3 -1.8 -6.5 -5.0 -5.3 -5.0Classification changes 2.1 2.2 2.2 2.2 2.3 2.3RDEL -0.3 -0.4Implied RDEL 4.6 4.0 7.0 8.3Changes due to Government decisionsBudget policy measures 0.0 -0.7 0.0 -0.2 0.9 0.6Effect of applying new Budget spending policyassumptions post 2015-16 -1.9 -1.9 -2.0 20.21Excluding classification changesNote: this table uses the convention that a negative figure means an improvement in PSNB.114 Budget 2015
List of abbreviationsAIIBAMEAPDAPIATEDAWRCB&BBESNBISBSPAsian Infrastructure Investment BankAnnually Managed ExpenditureAir Passenger DutyApplication Payment InterfaceAnnual Tax on Enveloped DwellingsAdvanced Wellbeing Research CentreBradford and Bingley plcBig Energy Saving NetworkDepartment for Business, Innovation and SkillsBereavement Support PaymentCAMHS Child and Adolescent Mental Health ServicesCBTCognitive Behavioural TherapyCCLClimate Change LevyCCSCrown Commercial ServiceCCTCompany Car TaxCfDContract for DifferenceCGEComputable General EquilibriumCGNCR Central government net cash requirementCGTCapital gains taxCHPCombined heat and powerCMACompetition and Markets AuthorityCMLCouncil of Mortgage LendersCoACS Co-ownership Authorised Contractual SchemeCPIConsumer Prices IndexCPSCarbon Price SupportCTA 2010 Corporation Tax Act 2010CYP IAPT Children and Young People’s Increasing Access to Psychological TherapiesDBSDCLGDCMSDECCDELDfEDfTDMODOTASDPTDWPECAEEAEFODisclosure and Barring ServiceDepartment for Communities and Local GovernmentDepartment for Culture, Media and SportDepartment of Energy and Climate ChangeDepartmental Expenditure LimitDepartment for EducationDepartment for TransportDebt Management OfficeDisclosure of Tax Avoidance SchemeDiverted Profits TaxDepartment for Work and PensionsEnhanced capital allowanceEuropean Economic AreaEconomic and fiscal outlookBudget 2015115
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BUDGET 2015HC 1093March 2015
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© Crown copyright 2015This publica
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Executive SummaryWhen this Parliame
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Public sector net debt is forecast
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Chapter 2 sets out all measures ann
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Budget Report
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monetary policy and measures to sup
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Chart 1.2: International comparison
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developed countries. 19 The recent
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1.27 The UK economy faces a number
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1.39 Inflation fell markedly to 0.5
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Financial sector and other asset sa
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Fiscal forecast1.57 As set out in T
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Chart 1.6: Consolidation in the cyc
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shocks to the economy, even though
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and focus their budgets on providin
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of options to integrate spending ar
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Devolution1.95 The government conti
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Growth1.103 The UK economy had the
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Supporting business through the tax
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a 21 st century economy. The terms
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1.124 The broadband connection vouc
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country to get onto the property la
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network of high quality rail connec
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to support tourism in the North Eas
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South East1.174 Housing: Housing re
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1.185 The government will also prov
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Infrastructure Investment Bank (AII
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Fairness1.205 The government’s lo
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National Minimum Wage1.213 As annou
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1.225 The government will allow ISA
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1.235 Young people can develop ment
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estrict travel and subsistence reli
Page 68 and 69: Table 2.1: Budget 2015 policy decis
Page 70 and 71: Table 2.2: Measures announced at Au
Page 72 and 73: Public SpendingTotal Managed Expend
Page 74 and 75: Table 2.5: Departmental Expenditure
Page 76 and 77: 2.19 Integrating services for peopl
Page 78 and 79: Midlands2.40 High Speed Rail Invest
Page 80 and 81: International development2.63 Antim
Page 82 and 83: 2.78 Social investment - The govern
Page 84 and 85: new rules to target avoidance throu
Page 86 and 87: ••RAF Biggin Hill Chapel Memori
Page 88 and 89: materials incorporated in products
Page 90 and 91: 2.147 Tobacco Duty rates - As annou
Page 92 and 93: Environment and energy taxes2.170 A
Page 94 and 95: 2.191 Simplified expenses: legislat
Page 96 and 97: ••strengthen the descriptions o
Page 98 and 99: 2.226 Smart ATMs - The government w
Page 100 and 101: 2.242 Promoting the use of task-sha
Page 102 and 103: 2.264 Science grand challenge fundi
Page 104 and 105: 2.286 Northern powerhouse trade mis
Page 106 and 107: 102 Budget 2015
Page 108 and 109: Gilt issuance by maturity, type and
Page 110 and 111: Illustrative future gross financing
Page 112 and 113: Table C.1: Detailed summary of OBR
Page 114 and 115: Table C.3: Current Receipts: OBR fo
Page 116 and 117: Table C.5: OBR forecast of the head
Page 120 and 121: EISEPSRCEREUFBCFCAFCERMFCOFITsFLSFP
Page 122 and 123: LIST OF TABLESExecutive Summary1 Su
Page 124: HM Treasury contactsThis document c
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