House of Commons portcullis
House of Commons
Session 2009 - 10
Internet Publications
Other Bills before Parliament


 
 

Notices of Amendments: 18 January 2010                  

380

 

Fiscal Responsibility Bill, continued

 
 

(3)    

A statutory instrument containing regulations made under section [Power of

 

Treasury to specify content and availability of website] is subject to annulment in

 

pursuance of a resolution of either House of Parliament.’.

 


 

Establishment of an Office for Budget Responsibility

 

Mr David Gauke

 

James Duddridge

 

NC8

 

To move the following Clause:—

 

‘The Treasury must establish an Office for Budget Responsibility, consisting

 

of—

 

(a)    

a Budget Responsibility Committee, which shall have responsiblity for

 

overseeing the work of the Office for Budget Responsibility and

 

publishing its reports, and

 

(b)    

a Secretariat of the Office for Budget Responsibility, which shall support

 

the work of the Budget Responsibility Committee.’.

 


 

Structure of the Office for Budget Responsibility

 

Mr David Gauke

 

James Duddridge

 

NC9

 

To move the following Clause:—

 

‘(1)    

The Budget Responsibility Committee is to consist of three permanent members,

 

of whom one shall be the chairman.

 

(2)    

Appointments to the Budget Reponsibility Committee shall be made by the

 

Chancellor, for single non-renewable terms.

 

(3)    

The Chancellor of the Exchequer may appoint a person under subsection (2) only

 

if he is satisfied that the person has knowledge or experience which is likely to be

 

relevant to the Committee’s functions.

 

(4)    

Regulations shall specifiy the governance arrangements of the Office of Budget

 

Responsibility.

 

(5)    

Regulations made under this section may not be made unless they have been laid

 

before, and approved by a resolution of, each House of Parliament.’.

 



 
 

Notices of Amendments: 18 January 2010                  

381

 

Fiscal Responsibility Bill, continued

 
 

Publications by Office for Budget Responsibility

 

Mr David Gauke

 

James Duddridge

 

NC10

 

To move the following Clause:—

 

‘(1)    

The Office for Budget Responsibility shall publish fiscal forecasts not less than

 

twice a year including in advance of the Budget and Pre-Budget Report.

 

(2)    

The forecasts published under subsection (1) shall cover the Forecast Period set

 

out by the Chancellor of the Exchequer under section [Mandate of the office of

 

budget responsibility] (3).

 

(3)    

The forecasts published under subsection (1) shall make clear any uncertainty

 

surrounding those forecasts by providing a range of outcomes around the central

 

forecast and the probabilities associated with those outcomes.

 

(4)    

The Office for Budget Responsibility shall publish, at the time of publication of

 

forecasts under subsection (1)—

 

(a)    

its judgement on the sustainablity of the public finances within the

 

forecast period,

 

(b)    

its recommendations as to the net discretionary fiscal loosening or

 

tightening it deems necessary by the end of the forecast horizon in order

 

to ensure a better than fifty per cent chance of meeting the mandate for

 

the public finances set by the Chancellor of the Exchequer, and

 

(c)    

the consequences over the forecast period and beyond of any significant

 

deviation from its recommendations.

 

(5)    

The Office for Budget Responsibility’s publications shall not contain any

 

judgement on the balance between public spending and taxation within the net

 

discretionary fiscal loosening or tightening it deems necessary to achieve the

 

mandate set by the Chancellor of the Exchequer.

 

(6)    

The Office for Budget Responsibility shall also publish reports on the following

 

matters not less than once a year—

 

(a)    

an assessment of all the Government’s fiscal liabilities, including

 

estimates of public sector pension liabilities and the net present value of

 

future payments in public finance initiative projects;

 

(b)    

an assessment of the public finances over the next fifty financial years

 

under exisiting Government policies, including other trends which may

 

have a significant impact on the public finances;

 

(c)    

an assessment of whether the medium term mandate for the public

 

finances set by the Chancellor of the Exchequer is consistent with the

 

sustainability of the public finances over the time period in paragraph

 

(b).’.

 



 
 

Notices of Amendments: 18 January 2010                  

382

 

Fiscal Responsibility Bill, continued

 
 

Mandate of Office for Budget Responsibility

 

Mr David Gauke

 

James Duddridge

 

NC11

 

To move the following Clause:—

 

‘(1)    

The Chancellor of the Exchequer shall set a mandate for the public finances over

 

the Forecast Period.

 

(2)    

The mandate shall include targets in the final year of the forecast period for—

 

(a)    

a measure of public sector indebtedness, as expressed as a percentage of

 

gross domestic product, and

 

(b)    

a measure of the current budget deficit, expressed as a percentage of

 

gross domestic product.

 

(3)    

The Chancellor of the Exchequer shall define the length of the Forecast Period.

 

(4)    

On each occasion when—

 

(a)    

an Economic and Fiscal Strategy Report, or

 

(b)    

a Pre-Budget Report,

 

    

is laid before Parliament, the Chancellor of the Exchequer shall include a

 

statement explaining whether the Treasury’s chosen trajectory for fiscal

 

aggregates over the forecast period consistent with the recommendations of the

 

Office for Budget Responsibility.’.

 


 

Access of Office of Budget Responsibility to Government information

 

Mr David Gauke

 

James Duddridge

 

NC12

 

To move the following Clause:—

 

‘(1)    

The bodies listed in subsection (2) shall have a duty to co-operate with the Budget

 

Responsibility Committee and the Secretariat of the Office of Budget

 

Responsibility by providing relevant unpublished forecast information on public

 

spending and taxation.

 

(2)    

The following bodies shall have a duty to co-operate with the Committee and the

 

Secretariat as described in subsection (1)—

 

(a)    

HM Treasury,

 

(b)    

the Department of Work and Pensions,

 

(c)    

Her Majesty’s Revenue and Customs, and

 

(d)    

the Office for National Statistics.’.

 



 
 

Notices of Amendments: 18 January 2010                  

383

 

Fiscal Responsibility Bill, continued

 
 

Independent review of fiscal stability

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

NC13

 

To move the following Clause:—

 

‘(1)    

The Chancellor of the Exchequer must appoint a person to review the operation

 

of sections 1 and 2 of this Act.

 

(2)    

That person must, within 12 months of the coming into force of this Act, carry out

 

a review of those provisions and send a report on the outcome of his review to the

 

Chancellor of the Exchequer as soon as reasonably practicable after completing

 

the review.

 

(3)    

That person must, upon the amendment by future legislation of any provision

 

contained in this Act, carry out a review within 12 months of that amendment

 

coming into force and send a report on the outcome of his review to the

 

Chancellor of the Exchequer as soon as reasonably practicable after completing

 

the review.

 

(4)    

A report received by the Chancellor of the Exchequer under subsection (2) or (3)

 

above must be laid before the House of Commons.’.

 


 

Principles

 

Stewart Hosie

 

NC14

 

Parliamentary Star    

To move the following Clause:—

 

‘(1)    

The Treasury must ensure that Government debt is reduced to a prudent level.

 

(2)    

Once debt is reduced to a prudent level, the Treasury must seek to maintain a

 

balanced budget on average over the medium to long term.

 

(3)    

The Treasury must achieve and maintain a level of net worth that provides a

 

sufficient buffer against unforeseen future factors.

 

(4)    

The Treasury must manage fiscal risks prudently.

 

(5)    

Her Majesty’s Ministers must pursue policies which are consistent with a

 

reasonable degree of predictability about the level and stability of tax rates for

 

future years.’.

 


 

Duties for securing sound public finances

 

Stewart Hosie

 

NC15

 

Parliamentary Star    

To move the following Clause:—

 

‘(1)    

The Treasury may make an order imposing on the Treasury a duty or duties

 

framed by reference to the principles in section [Principles].


 
 

Notices of Amendments: 18 January 2010                  

384

 

Fiscal Responsibility Bill, continued

 
 

(2)    

A duty imposed by an order under this section must be one imposed for the

 

purpose of securing sound public finances.

 

(3)    

A duty imposed by an order under this section may be a duty relating to fiscal

 

policy which the Treasury consider appropriate.

 

(4)    

A duty imposed by an order under this section must be consistent with the key

 

principles in section [Principles].

 

(5)    

An order under this section is to be made by statutory instrument.

 

(6)    

No order may be made under this section unless a draft of the statutory instrument

 

containing it has been laid before Parliament and approved by a resolution of the

 

House of Commons.’.

 


 

Commencement

 

Stewart Hosie

 

NC16

 

Parliamentary Star    

To move the following Clause:—

 

‘(1)    

Section 2 comes into force when the Treasury has laid before Parliament a report

 

containing an estimate of the impact on economic growth that will result from the

 

fulfilment of the duties set out in that section.

 

(2)    

The remaining provisions of this Act come into force on Royal Assent.’.

 

 

Order of the House [5 JANUARY 2010]

 

That the following provisions shall apply to the Fiscal Responsibility Bill:

 

Committal

 

1.    

The Bill shall be committed to a Committee of the whole House.

 

Committee, consideration and Third Reading

 

2.    

Proceedings in Committee, any proceedings on consideration and

 

proceedings on Third Reading shall be completed at one day’s sitting.

 

3.    

Proceedings in Committee and any proceedings on consideration shall (so far

 

as not previously concluded) be brought to a conclusion one hour before the

 

moment of interruption on the day on which those proceedings are

 

commenced.

 

4.    

Proceedings on Third Reading shall (so far as not previously concluded) be

 

brought to a conclusion at the moment of interruption on that day.

 

5.    

Standing Order No. 83B (Programming committees) shall not apply to the

 

proceedings on the Bill in Committee and on consideration and Third

 

Reading.

 


 
previous section contents
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 2010
Revised 19 January 2010