Question to the HM Treasury:
To ask Her Majesty's Government when they intend to publish their next economic forecasts in accordance with the Industry Act 1975.
The schedule pertaining to economic forecasting in the Industry Act 1975 has been repealed in consequence of the provisions in the Budget Responsibility and National Audit Act 2011.
The Budget Responsibility and National Audit Act 2011 established the creation of the independent Office for Budget Responsibility. This legislation outlines that it is the duty of the Office to produce, on at least two occasions for each financial year, a fiscal and economic forecast. As a result, the government’s medium-term economic and fiscal forecasting is undertaken by the Office for Budget Responsibility in line with its statutory duty.
The Office for Budget Responsibility will produce a new economic and fiscal forecast to accompany the next fiscal event.