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Office for Budget Responsibility Profile picture
Office for Budget Responsibility
@OBR_UK
Official Twitter channel of the Office for Budget Responsibility (OBR). The OBR provides independent and authoritative analysis of the UK’s public finances.
Jul 6, 2021 • 5 tweets • 3 min read
The Government’s elevated debt stock is both a product of past fiscal risks and a source of future risks to the public finances. Two-thirds of the 80% of GDP increase in debt since 2000 happened in the wake of the 2008 financial crisis and 2020 pandemic. Despite the stock of debt reaching its highest level since the early 1960s, the cost of servicing that debt remains near historical lows thanks to falling interest rates.

#OBRfiscalrisks
Jul 6, 2021 • 9 tweets • 4 min read
The global economic downturn brought about by the pandemic has been the worst since the Great Depression of the 1930s. World GDP fell by 3.3% and almost 90% of economies experienced a decline in output in 2020.

#OBRfiscalrisks The UK experienced one of the deepest recessions among advanced economies, with output falling almost 10% in 2020. This was due to being relatively hard hit by the virus, spending more time under stricter restrictions, and our large share of social consumption in output.
Jul 6, 2021 • 10 tweets • 6 min read
What risks does #climatechange pose for government finances? 🌍

OBR Economists Rachel and Tom explain some of the risks we’ve considered in chapter 3 of our 2021 #OBRfiscalrisks report 📗

Read more: obr.uk/frr/fiscal-ris… The Government has committed to achieving net zero by 2050. Since 1990, the UK has cut its CO2 emissions by 243 million tonnes, more than any other G7 economy and faster than the EU average.

#OBRfiscalrisks