Inheritance tax (IHT) is levied on the value of all the assets in an individual’s estate on death, after deducting any liabilities, exemptions and reliefs. Assets left to a spouse or civil partner of the deceased are usually exempt, as are assets left to a charity. In 2025-26 we forecast that IHT will raise £9.1...| Office for Budget Responsibility
| 22 July 2025| Office for Budget Responsibility
Our two biennial reports on the long-term sustainability of the public finances (Fiscal sustainability report) and fiscal risks facing the UK (Fiscal risks report) will be combined into a single annual report for the first time this summer. Our first report on Fiscal risks and sustainability will be published on Thursday 7 July. Learn more...| Office for Budget Responsibility
For a quick summary, read the overview Commissioned by Parliament in 2015, the report identifies and analyses risks to the medium term outlook for the public finances and to long-term fiscal sustainability. It covers a wide range of topics including: macroeconomic and financial sector risks (Chapters 2 and 3) specific revenue and spending risks (Chapters...| Office for Budget Responsibility
The independent Office for Budget Responsibility was established in 2010 to monitor the public sector’s finances. Twice a year – usually alongside each Budget and Spring or Autumn Statement – we produce detailed forecasts for the coming five years, assessing the likely impact of any policy decisions and expected developments in the economy. We then...| Office for Budget Responsibility
Our long-term projections suggest that, left unaddressed, the public sector finances would come under increasing pressure over the next 50 years due to rising age-related spending. Such pressures are common to almost all developed countries, as shown in the European Commission’s 2018 Ageing Report long-term fiscal projections for EU member states.a For the EU as...| Office for Budget Responsibility
The latest update of our forecasts was published on 26 March 2025 in the March 2025 Economic and fiscal outlook. Read the Executive summary for the key messages of our forecast or the full report on our website. Chapter 2 sets out our forecasts for the economy over a five-year horizon. We cover our latest...| Office for Budget Responsibility
Since our 2021 Fiscal risks report - which showed that reaching net zero carbon emissions will have significant impacts on the public finances in the UK - estimates of the fiscal impacts of reducing emissions in other countries have begun to be produced. In this box we recapped our 2021 work and discussed how IMF and French analysis compared to it.| Office for Budget Responsibility
This page brings together all coronavirus databases and analysis produced by the OBR on an ad-hoc basis or within our core documents between April 2020 and March 2021.| Office for Budget Responsibility
The latest update of our forecasts was published on 22 November 2023 in the November 2023 Economic and fiscal outlook. Read the Executive summary for the key messages of our forecast or the full report on our website. Chapter 2 sets out our forecasts for the economy over a five-year horizon. We cover our latest...| Office for Budget Responsibility
