Fiscal Responsibility Act 2010

2 Further duties for securing sound public finances

(1) The Treasury may make an order imposing on the Treasury a duty or duties framed by reference to any one or more of the financial years ending in 2011 to 2016.

(2) The Treasury must—

(a) no later than 31 March 2016 make an order imposing on the Treasury a duty or duties framed by reference to a financial year or financial years ending after that date and specified in the order, and

(b) no later than each relevant date, make an order imposing on the Treasury a duty or duties framed by reference to a financial year or financial years ending after that relevant date and so specified.

(3) For the purposes of paragraph (b) of subsection (2) the following are relevant dates—

(a) the last day of the financial year, or the latest financial year, specified in the order under paragraph (a) of that subsection, and

(b) the last day of the financial year, or the latest financial year, specified in an order made under paragraph (b) of that subsection.

(4) A duty imposed by an order under this section must be one imposed for the purpose of securing sound public finances.

(5) A duty imposed by an order under this section may be—

(a) a duty similar to any of the duties in section 1, or

(b) any other general duty relating to fiscal policy which the Treasury consider appropriate.

(6) A duty imposed by an order under this section must be consistent with the key principles as applied by the code for fiscal stability.

(7) An order under this section is to be made by statutory instrument.

(8) No order may be made under this section unless a draft of the statutory instrument containing it has been laid before Parliament and approved by a resolution of the House of Commons.