Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her oral statement on Spring Statement of 26 March 2025, Official Report, Column 952, what the evidential basis is that households will be on average more than £500 a year better off under this Government; and if she will publish the comparison of RHDI for each financial year of this parliament.

The Office for Budget Responsibility’s (OBR) March 2025 forecast is for people to be on average over £500 a year better off, relative to the March 2024 forecast. This refers to Real Household Disposable Income (RHDI) per person, a commonly used measure of living standards.

This statistic is based on publicly available OBR forecast data. Specifically, the difference in RHDI per person between the March 2025 forecast and the March 2024 forecast for each financial year over 2024/25 to 2028/29. To make consistent comparisons, both forecasts are adjusted for inflation using the consumer expenditure deflator to convert to 2022 prices. The average difference in RHDI per person across the five years is over £500.

The two relevant OBR forecasts are available at the links below.

The OBR’s March 2024 forecast data is available here: Economic and fiscal outlook – March 2024 - Office for Budget Responsibility

The OBR’s March 2025 forecast data is available here: https://obr.uk/efo/economic-and-fiscal-outlook-march-2025/