Statutory Instruments
Budget Responsibility
Made
10.00 p.m. on 22nd March 2011
In exercise of the powers conferred by section 29(3) and (4) of the Budget Responsibility and National Audit Act 2011(1) the Treasury make the following Order.
1.—(1) This Order may be cited as the Budget Responsibility and National Audit Act 2011 (Commencement No.1) Order 2011.
(2) In this Order “the Act” means the Budget Responsibility and National Audit Act 2011.
2. The provisions of the Act listed in Schedule 1 to this Order come into force on 23rd March 2011.
3. The provisions of the Act listed in Schedule 2 to this Order come into force on 4th April 2011.
Michael Fabricant
Angela Watkinson
Two of the Lords Commissioners of Her Majesty’s Treasury
At 10.00pm on 22nd March 2011
Article 2
1. Section 1 (Charter for Budget Responsibility)
2. Section 2 (Annual Budget documents)
3. Section 10 (Superseded statutory provisions)
Article 3
1. Section 3 and Schedule 1 (Office for Budget Responsibility)
2. Section 4 (Main duty of Office)
3. Section 5 (How main duty is to be performed)
4. Section 6 (Guidance as to how main duty is to be performed)
5. Section 7 (Efficiency etc)
6. Section 8 (Reports)
7. Section 9 (Right to information)
(This note is not part of the Order)
This Order brings into force Part 1 of the Budget Responsibility and National Audit Act 2011 (c.4) (“the Act”).
Article 2 and Schedule 1 to the Order specify the provisions of the Act which come into force on 23rd March 2011 (sections 1, 2 and 10). These provisions set out the fiscal policy framework of the UK, which include the preparation of a Charter for Budget Responsibility (section 1) and the obligation to prepare annual Budget documents (section 2). Section 10 repeals the fiscal policy framework provisions which are superseded by the Act.
Article 3 and Schedule 2 to the Order specify the provisions of the Act which come into force on 4th April 2011 (sections 3 to 9). Section 3 provides for the establishment of the Office for Budget Responsibility (“the Office”) as a statutory corporate body and Schedule 1 sets out its governance structures and processes. The remaining provisions of Part 1 govern the forecasting functions of the Office, setting out the main duty of the Office (section 4) and its exercise and performance (sections 5 to 8). Section 9 gives the Office the right of access to Government information relevant to performance of its main duty.