Budget Responsibility Bill – Committee Stage

The House considered the Budget Responsibility Bill in a Committee of the Whole House on Wednesday 4 September 2024. The Bill seeks to ensure that fiscal announcements in respect of fiscally significant measures made by the Government are subject to an independent assessment by the Office for Budget Responsibility (OBR). It would achieve this by requiring the OBR to produce an assessment of the fiscal impacts of fiscally significant measures, without a request from HM Treasury if necessary. These measures intend to preserve market stability and public trust in announcements on fiscally significant measures, by ensuring there is independent and transparent scrutiny of the Government’s fiscal plans.

Under the last Government and in particular the mini budget, the OBR was not asked for an independent assessment. This is now enshrined in law.

There were 2 Amendments to the Bill and I voted against both: Amendment 9 -: Ayes: 109 Noes: 36  Amendment 2 : Ayes: 73 Noes: 375

The Bill received Royal Assent on 10 September 2024.