- Reference: 2023/3903
- Question by: Krupesh Hirani
- Meeting date: 12 October 2023
The Government’s March 2023 Spring Budget noted that ‘the Office for Budget Responsibility (OBR) expects inflation to fall from its peak of 10.7% in Q4 2022 to 2.9% in Q4 2023, a fall of over two-thirds.’1 However, the latest estimates by the Bank of England produced in August 2023 predict the Q4 2023 figure to be 4.9%.2 What impact, if any, could the higher than anticipated inflation levels have on the GLA budget in 2023/24 and beyond? 1 HM Treasury, Spring Budget 2023, March 2023. 2 Bank of England Monetary Policy Committee, Monetary Policy Report, August 2023.