Spring Budget 2023: A summary

1. Introduction 5
1.1 The Budget Speech 5

2. Policy announcements 6
2.1 Government spending 6
2.2 Tax 10

3. OBR forecasts for the economy 11
3.1 GDP growth 12
3.2 Inflation 14
3.3 Household incomes 14
3.4 Unemployment and employment 15
3.5 Business investment 16
3.6 Long-term growth assumptions 17
3.7 Summary of OBR forecasts for the economy 18

4. OBR public finance forecasts 19
4.1 Government borrowing 19
4.2 Government debt 21
4.3 The Chancellor's fiscal targets 22