The Chancellor of the Exchequer (Rachel Reeves)
Today I have laid before Parliament the charter for budget responsibility. The charter sets out the new fiscal framework announced at autumn Budget 2024.
The new fiscal rules will put the public finances on a sustainable path and prioritise investment to support long-term growth. The charter also strengthens fiscal stability and transparency via a series of reforms including enhancing the role of the OBR in scrutinising the Government’s fiscal policy.
In accordance with the Budget Responsibility and National Audit Act 2011, the charter was first published in draft alongside the Budget on 30 October as it includes modified guidance to the Office for Budget Responsibility. No further changes have been made to the charter since it was published in draft.
A debate and votes in the House of Commons on the charter and the level of the welfare cap, will be scheduled in due course.
[HCWS381]