The Budget is an important part of Governmemt operations, with Rishi Sunak announcing the 2021 version today.

One of the key parts of the Budget is to forecast outcomes for the economy and public finances for the next five years.

This is a service provided by the OBR, which does it twice a year.

It accompanies the Budget Statement (usually in late November) and the Spring Statement (usually in March).

In the current 2021 Budget GDP growth has been forecasted to go up to 6.5 per cent, which is higher than the 4 per cent predicted in March.

But what is the OBR and what else does it provide?

What is the OBR?

According to its website, the OBR (Office for Budget Responsibility) is a non-departmental public body funded by the UK Treasury which was created in 2010.

Its purpose is to provide independent and authoritative analysis of the UK’s public finances to the Government.

Read more: Live updates on Budget 2021 speech by Chancellor Rishi Sunak

As discussed previously it conducts fiscal forecasts, whilst also evaluating performance against financial targets.

Additionally, it assesses the long-term sustainability of the public finances through balance sheet analysis and evaluates fiscal risks.

Finally, it scrutinises tax and welfare policy costings.

These five roles focus on public finances at a UK-wide level.