The short-term intentions in the Fiscal Strategy Report differ from those in the Budget Policy Statement because of changes in the fiscal forecasts. Overall, the changes are minor, reflecting the fact that the economic forecasts in the Budget Economic and Fiscal Update are broadly similar to those in the Budget Policy Statement. However, the Government has brought forward spending into the early years of the forecast horizon. Operating revenues - tax revenues are marginally higher in all years, due to a small improvement in the nominal economic outlook. Operating balance - the operating balance is slightly higher in all years.
Tax revenue is marginally higher and benefit spending is lower.
Crown debt - net debt is lower in all years. Crown net worth - net worth is higher in all years, reflecting higher operating balances. These changes are covered in more detail in the Budget Economic and Fiscal Update. The total revenue and expenses as published in the Budget Policy Statement have been restated slightly for a classification change. The impact is to increase revenue and increase expenses slightly.