Budget Responsibility and National Audit Bill (HL)

The Government is seeking to reform the UK's fiscal framework in a number of ways.

This Bill imposes a range of duties on the Treasury with regard to the formulation and implementation of fiscal policy, including through the Charter for Budget Responsibility.

The Charter makes provision for the Government's fiscal and debt management objectives and its targets for fiscal policy that delivers these fiscal objectives.

The Bill also makes provision for production of the annual Financial Statement and Budget Report, and removes the requirement for a pre-Budget report.

The Bill establishes the Office for Budget Responsibility on a statutory basis, to examine and report on the sustainability of the public finances.

Finally, the Bill modernises the governance arrangements of the National Audit Office.

The office Comptroller and Auditor General (C&AG) will continue, but with tenure limited to ten years.

The C&AG will be an officer of the House of Commons, and the National Audit Office will become a new corporate body with governance structures based on established good practice.