Part 1Budget responsibility
1Charter 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.