November forecast more than doubles fiscal headroom, compared with March 2025 outlook

March 2025 forecast

0

£9.9bn

-£5.7bn

Forecast changes

Pre-November budget forecast

0

£4.2bn

£26.1bn

Direct effect of receipts policies

Direct effect of spending policies

-£3.9bn

Indirect effect of policies

-£4.7bn

November 2025 forecast

0

£21.7bn

March 2025 forecast

0

£9.9bn

-£5.7bn

Forecast changes

Pre-November budget forecast

0

£4.2bn

£26.1bn

Direct effect of receipts policies

Direct effect of spending policies

-£3.9bn

Indirect effect of policies

-£4.7bn

November 2025 forecast

0

£21.7bn

March 2025 forecast

0

£9.9bn

-£5.7bn

Forecast changes

Pre-November budget forecast

0

£4.2bn

£26.1bn

Direct effect of receipts policies

Direct effect of spending policies

-£3.9bn

Indirect effect of policies

-£4.7bn

November 2025 forecast

0

£21.7bn

March 2025 forecast

0

£9.9bn

-£5.7bn

Forecast changes

Pre-November budget forecast

0

£4.2bn

£26.1bn

Direct effect of receipts policies

Direct effect of spending policies

-£3.9bn

Indirect effect of policies

-£4.7bn

November 2025 forecast

0

£21.7bn