The OBR assesses the health of the UK’s economy. It is independent of government but works closely with the Treasury.

Its reports are usually released alongside big government events such as the Budget and Autumn Statement.

Before these announcements, the government gives the OBR details of its plans to raise or lower taxes and how it intends to spend public money.

The OBR checks the information and makes economic forecasts covering the next five years.

These forecasts cover things like whether the government will spend more money than it raises, and whether the UK’s economy will grow or shrink.