The Pre-Election Economic and Fiscal Update
Twice a year the Treasury publishes forecasts for the Government’s finances and the economy, called Economic and Fiscal Updates (EFU). The EFU provides a detailed statement of the Government's financial position, including updated economic and fiscal forecasts, analysis of the fiscal position and a summary of specific fiscal risks.
In an election year, a Pre-election Economic and Fiscal Update (PREFU) is published under the Public Finance Act 1989. It must be published between 20 and 30 working days before the election date.
The PREFU incorporates the fiscal and economic implications of both government decisions and global factors as at the date of publication, and as communicated to the Treasury by the Minister of Finance, in accordance with the Public Finance Act 1989.
It also considers other economic and fiscal information available to the Treasury. Treasury ensures that the economic and fiscal costings provided to Ministers for decision-making are as complete and reliable as possible. Chief executives and chief financial officers must officially confirm they have notified the Treasury of all matters that could affect the fiscal and economic outlook.