SCHEDULES

SCHEDULE 1Office for Budget Responsibility

Annual report

I115

1

The Office must prepare a report of the performance of its functions in each financial year.

2

The report must include, in particular, an assessment by the Non-executive Committee of the extent to which the Office's duty under section 4 has been performed in accordance with section 5(1) and (2).

3

The report relating to a financial year must be prepared as soon as possible after the end of the financial year.

4

The report must be sent to the Treasury.

5

The Treasury must lay the report before Parliament.

6

The Office must publish the report.

7

Financial year” means—

a

the period which begins with the day on which this Schedule comes into force and ends with the following 31 March;

b

each successive period of 12 months.