Total borrowing for the 2021/22 fiscal year overshot the Office for Budget Responsibility’s (OBR) March 2022 forecast by some £24bn, rounding out the third-worst year for the public finances on record. With the outlook for GDP growth and inflation deteriorating, we don’t expect the public finances to offer much help to the Chancellor in 2022/23. Even so, it is still likely that the Chancellor will announce a further fiscal support package to help households cope with the cost of living crisis at the Autumn Budget.
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