The Budget Responsibility and National Audit Act 2011 (c. 4) is an Act of the

Parliament of the United Kingdom The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses legislative suprema ...

. It provides a statutory footing for the already-established

Office for Budget Responsibility The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury, that the UK government established to provide independent economic forecasts and independent analysis of the public finances. It was formally c ...

, 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 The Fiscal Responsibility Act 2010 (c.3) is an Act of the Parliament of the United Kingdom that received Royal Assent on 10 February 2010. The Act was repealed by section 10(c) of the Budget Responsibility and National Audit Act 2011 on 23 March ...

. It was introduced in the

House of Lords The House of Lords, also known as the House of Peers, is the Bicameralism, upper house of the Parliament of the United Kingdom. Membership is by Life peer, appointment, Hereditary peer, heredity or Lords Spiritual, official function. Like the ...

by the

Commercial Secretary to the Treasury The Commercial Secretary to the Treasury is a United Kingdom Government ministerial post in HM Treasury which usually ranks at Parliamentary Under-Secretary of State level - though during Baroness Neville-Rolfe’s tenure, it was of Minister of ...

Lord Sassoon, on behalf of the

Government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...

, and it received

Royal Assent Royal assent is the method by which a monarch formally approves an act of the legislature, either directly or through an official acting on the monarch's behalf. In some jurisdictions, royal assent is equivalent to promulgation, while in other ...

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 A general election is a political voting election where generally all or most members of a given political body are chosen. These are usually held for a nation, state, or territory's primary legislative body, and are different from by-elections ( ...

in May 2010, before being put on a statutory footing by this Act. The OBR provides independent

economic forecast Economic forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation—for example for GDP, inflation, unemployment or the fiscal deficit—or at a more disaggregated level, for ...

s as background to the preparation of the

UK budget The Budget of His Majesty's Government is an annual budget set by HM Treasury for the following financial year, with the revenues to be gathered by HM Revenue and Customs and the expenditures of the public sector, in compliance with government p ...

References

{{UK legislation United Kingdom copyright law Copyright legislation United Kingdom Acts of Parliament 2011 United Kingdom budgets