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Budget Responsibility Act 2024

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Explanatory Notes

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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The Budget Responsibility Act 2024 ensures that fiscal announcements in respect of fiscally significant measures made by the Government are subject to an independent assessment by the Office for Budget Responsibility (OBR). It achieves this by requiring the OBR to produce an assessment of the fiscal impacts of fiscally significant measures, without a request from HM Treasury if necessary.