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Budget responsibility bureau
The higher expenditure outturn in October drove the deficits higher than in October last year. However, we did not consider all calculations to be appropriate and crucial. In our October 2018 guidance, we did not change our assumption about Britain's withdrawal from the EU.
However, in our October 11 document, we explained how we can take Brexit effect into account in our forward-looking statements. Following the release of our financial and business report in October 2018, we have been receiving enquiries for further details on the marital wedding exemption and corporate relief. This new additional forecasting information was posted on the EFO website in October 2018.
Looking ahead, the medium-term prospects for government finance look similar to those in March. However, this conceals a marked increase in the basic speed of deficits abatement, which alone would have put the government on track to reach its first goal of a budgetary balance.
We have included Brexit in our projections with wide margins since the referenda, but as the political choices and government development begin to take shape, we look forward to the questions that we need to take into account in refining these judgments. Our new document begins to consider how our projections might evolve in this Brexit area.
Latest in our range of Working Papers was released on September 28, 2018. Staff Working Document No. 13: In-year fiscal forecasting e monitoring presents our approaches to In-year forecasting e monitor of the PR financials and how we compare our projections with the released datas. Mr. Robert Chote will present the core message of our latest report on sustainable development, released today, entitled Global Sustainable Development Report at our media briefing and speech.
Recent long-term forecasts show once again that pressure on the elderly and health care costs is jeopardising the viability of government finance. It is expected that the launch of Universal Credit will cut social expenditure by around £1 billion per year by 2022-23. However, the tax implications are much more unpredictable than they are, according to our latest report on the development of wellbeing.