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Fiscal Responsibility Act 2010

Section 5: Interpretation

27.Section 5 makes provision in relation to interpretation.

28.Subsection (1) provides that the code for fiscal stability must explain the meaning of terms used in section 1. These terms are: “public sector net borrowing,” “gross domestic product,” “public sector net debt” and “gross domestic product (centred on a date).” The code may also explain the meaning of terms used in an Order made under section 2.

29.Subsection (2) provides that “the code for fiscal stability” means the code under section 155 of the Finance Act 1998, “an Economic and Fiscal Strategy Report” means a Report mentioned in section 156(1)(b) of that Act, “the key principles” means the principles specified in section 155(2) of that Act, and “a Pre-Budget Report” means a Pre-Budget Report prepared under section 156(2) of that Act.

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