(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.