What has the OBR said today on Brexit in the Economic and Fiscal Outlook (EFO) accompanying the Budget? Not a lot...
1⃣ As expected, the OBR has ducked any assessment of the UK-EU 'reset', simply saying "the economic impact will depend on the outcome of these negotiations' (EFO, p.77)
2⃣ There is just a passing reference to "rising barriers to trade after EU exit" as one of the many shocks which have hit the UK since 2008 (EFO, p.10)
3⃣ The word 'Brexit' itself only appears three times in the entire EFO, each in the context of the "post-Brexit change in the migration regime"
4⃣ Unless I've missed them, I can't find any reference to the assumed "4%" long-term hit to productivity or the assumed "15%" hit to the UK's global trade; these do still appear in the OBR website's collection of 'Brexit analysis', last updated in July, but the OBR doesn't seem keen to draw any more attention to them... 🤔
#Budget2026