Part 1Budget responsibility

I11Charter for Budget Responsibility

1

The Treasury must prepare a document, to be known as the Charter for Budget Responsibility, relating to the formulation and implementation of fiscal policy and policy for the management of the National Debt.

2

The Charter must in particular set out—

a

the Treasury's objectives in relation to fiscal policy and policy for the management of the National Debt,

b

the means by which the Treasury's objectives in relation to fiscal policy will be attained (“the fiscal mandate”), and

c

matters to be included in a Financial Statement and Budget Report prepared under section 2.

3

The Charter may contain such other material as the Treasury considers appropriate (and see also section 6).

4

The Treasury must lay the Charter before Parliament.

5

The Treasury may from time to time modify the Charter.

6

When the Charter is modified the Treasury must lay the modified Charter before Parliament.

7

The Charter (or the modified Charter) does not come into force until it has been approved by a resolution of the House of Commons.

8

The Treasury must publish the Charter and any modified Charter once approved by the House of Commons.