Parliamentary Bills

Fiscal Responsibility Act 2010

Government Bill

Originated in the House of Commons, Session 2009-10

Last updated: 17 August 2010 at 15:19

See full passage

Long title

A Bill to Make provision for and in connection with the imposition of duties for securing sound public finances.

Summary

The Bill imposes a statutory duty on the Treasury to meet specific targets for the reduction of government borrowing and debt. The Government believes that this legislation demonstrates its commitment to ensuring the sustainability of the public finances. The Bill gives Parliament a greater role in fiscal policy.Key areas

The Bill requires the Treasury to make sure that:

  • Government borrowing in each financial year between 2010/11 and 2015/16 is lower than the previous year, measured as a percentage of GDP
  • Government borrowing in 2013/14 is no more than half its 2009/10 level. A draft statutory instrument made under the Bill requires borrowing to be no more than 5.5 per cent of GDP in 2013/14
  • Government debt is lower in 2015/16 than in 2014/15, measured as a percentage of GDP
The Bill also requires the Treasury to report to Parliament in the Budget and in Pre-Budget Reports and to provide an explanation if the targets are missed.

Sponsoring departments

HM Treasury
Mr Alistair Darling
Labour, Edinburgh South West
HM Treasury
Lord Myners
Labour, Life peer

Current version of the Bill

Fiscal Responsibility Act 2010 c.3
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3 February 2010
Commons

Bill passage

Bill started in the House of Commons
1st reading
2nd reading
Committee stage
Report stage
3rd reading
Bill in the House of Lords
1st reading
2nd reading
Committee stage
Report stage
3rd reading
Final stages
Consideration of amendments
Royal Assent
Key
Complete
In progress
Not applicable
Not yet reached