Spring Statement: Official outlook on your finances in five graphs

The casual observer could be forgiven for thinking there was even less of interest for them in today’s Spring Statement than low expectations previously indicated. And largely they’d be right. 

But the Office for Budget Responsibility uses the Chancellor’s two annual fiscal statements to update their forecasts and outlooks on a whole range of things. 

We’ve all seen the economic growth and government borrowing revisions which formed the headline announcements.

Tucked away on its website are five other forecasts – some of which have changed since October’s Budget – that could suggest the shape of our financial future.

1. Income growth will increase – slowly 

 

The OBR appears to have revised its opinion of UK households’ thrift since October. 

It now forecasts gross debt to rise more slowly than it did then – but it looks unlikely to creep back up to the catastrophic levels that it hit just before the financial crisis.