Today I have laid before Parliament an updated charter for budget responsibility. The updated charter sets out a new fiscal framework, changes to the operation of the welfare cap, and minor amendments to text on the operation of debt management.
The updated charter laid today was published in draft on 23 November 2016. The charter was first published in draft as it includes modified guidance to the Office for Budget Responsibility. Under section 6(4) of the Budget Responsibility and National Audit Act 2011, if the Treasury proposes to modify the guidance to the Office for Budget Responsibility included in the charter, a draft of the modified guidance must be published at least 28 days before the modified charter is laid before Parliament.
Since publishing the charter in draft one operational amendment has been made, requiring the Debt Management Office to produce a debt management report annually rather than as part of the budget report. This change has been made to facilitate the move to a single fiscal event. The change does not modify guidance to the Office for Budget Responsibility.
A debate and vote in the House of Commons on the updated charter has been scheduled for Tuesday 24 January 2017.