Citation 2011 c 4 | Introduced by Lord Sassoon | |
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Long title An Act to make provision for a Charter for Budget Responsibility and for the publication of Financial Statements and Budget Reports; to establish the Office for Budget Responsibility; to make provision about the Comptroller and Auditor General and to establish a body corporate called the National Audit Office; to amend Schedules 5 and 7 to the Government of Wales Act 2006 in relation to the Auditor General for Wales; and for connected purposes. Territorial extent England and Wales, Scotland and Northern Ireland Royal assent March 22, 2011 (2011-03-22) Commencement 23 March 2011; 4 April 2011 | ||
The Budget Responsibility and National Audit Act 2011 (c. 4) is an Act of the Parliament of the United Kingdom. It provides a statutory footing for the already-established Office for Budget Responsibility, and requires the treasury to set out its approach to fiscal policy in a Charter for Budget Responsibility. It also sets out a new structure for the National Audit Office and repeals the Fiscal Responsibility Act 2010.
It was introduced in the House of Lords by the Commercial Secretary to the Treasury Lord Sassoon, on behalf of the Government, and it received Royal Assent on 22 March 2011.
Office for Budget Responsibility
The Office for Budget Responsibility was initially constituted in shadow form by the Conservative party opposition in December 2009. It was then formally created by the new government after the general election in May 2010, before being put on a statutory footing by this Act.
The OBR provides independent economic forecasts as background to the preparation of the UK budget.