The OBR has revised up public sector net financial liabilities in every year of its forecast compared with March. That is according to figures published with the Budget on 28 October and summarised by investingLive. The measure peaks at 83.8% of GDP in both 2027/28 and 2028/29.
- 2026/27: 83.2% of GDP, up from 82.6% in March
- 2027/28: 83.8%, up from 82.9%
- 2028/29: 83.8%, up from 82.9%
- 2029/30: 83.1%, up from 82.2%
The same figures put the deficit at 4.2% of GDP in 2026/27, narrowing to 3.4% in 2027/28. The 4.2% figure for this year matches what the Chancellor, John Healey, told the Commons.
The OBR has also cut its growth forecast for 2027 to 1.0%, from 1.6% in March. It has raised its forecast for 2026 slightly, to 1.2% from 1.1%.
The debt revisions come alongside the higher borrowing forecasts reported earlier.