Spending Review

Sir Winston Churchill meets prime minister Harold Macmillan in 1959 – the last time Britain’s level of debt was as high as it is forecast to reach in 2020/21 (PA)

Seven historic milestones in the latest economic forecasts


If the latest forecasts from the Office for Budget Responsibility (OBR) are correct, the UK is on course for its highest peacetime deficit in modern history, along with the biggest drop in economic output for more than 300 years.