20th June 2026
The UK publishes several major financial reports, and it’s easy to confuse them.
Here’s a clear comparison of the three most important ones.
1. Whole of Government Accounts (WGA)
What it is:
A commercial‑style set of accounts covering the entire public sector.
What it shows:
Assets
Liabilities
Long‑term obligations
Consolidated spending
Strength:
Most complete picture of the state’s finances.
Weakness:
Published very late and currently has a disclaimed audit opinion.
2. Office for Budget Responsibility (OBR) Fiscal Forecasts
What it is:
Independent forecasts of the UK’s public finances.
What it shows:
Future tax revenues
Future spending
Debt and deficit projections
Economic assumptions (growth, inflation, interest rates)
Strength:
Forward‑looking and essential for budget planning.
Weakness:
Not an audited account — it’s a forecast, not a statement of fact.
3. National Accounts (ONS Public Sector Finances)
What it is:
The official statistical measure of government finances, used internationally.
What it shows:
Deficit
Debt
Borrowing
GDP‑aligned measures
Strength:
Timely, internationally comparable, used for fiscal rules.
Weakness:
Does not include long‑term liabilities like pensions.
How They Fit Together
Think of them like this:
National Accounts = the monthly snapshot
OBR Forecasts = the future projection
WGA = the long‑term X‑ray
Together, they give a full picture — but each has blind spots.