The Budget is an important part of Government operations, laying out several economic parameters for the UK.

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).

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.

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.

Recommended reading:

The website adds: "These five roles all focus on the public finances at a UK-wide level. But the UK Government also asked us to forecast the receipts from those taxes and spending from social security that it has devolved – or intends to devolve – to the Scottish and Welsh governments.

"The Welsh Government also asked us to provide independent scrutiny of the forecasts of it uses in its Budgets.

"Our Scottish and Welsh revenue forecasts are published alongside our EFOs and Welsh Government Budgets."