Charter for Budget Responsibility: Autumn 2015 Update

George Osborne Excerpts

Monday 12th October 2015 Written Statements

[The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)]

Today I have laid before Parliament an updated Charter for Budget Responsibility. It sets out a fiscal framework to entrench a commitment to reach surplus and maintain it in normal times. It also includes the updates to the Charter recommended by the HM Treasury review of the Office for Budget Responsibility, led by Sir Dave Ramsden and clarifications on the operation of the welfare cap.

The updated Charter laid today was published in draft on 14 September 2015. The Charter was first published in draft as it includes modified guidance to the Office for Budget Responsibility. Under Section 6(4) of the Budget Responsibility and National Audit Act, if the Treasury proposes to modify the guidance to the Office for Budget Responsibility included in the Charter, a draft of the modified guidance must be published at least 28 days before the modified Charter is laid before Parliament.

A debate and vote in the House of Commons on the updated Charter has been scheduled for 14 October.

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