Today I have published a draft updated Charter for Budget Responsibility, a copy of which has been deposited in the Libraries of both Houses. Copies are also available in the Vote Office and Printed Paper Office. The draft sets out the new fiscal framework and changes to the operation of the welfare cap.
The draft Charter includes modified guidance to the Office for Budget Responsibility and has been published in line with Section 6(4) of the Budget Responsibility and National Audit Act. This requires that 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. The updated Charter will be laid before Parliament, and a debate and vote scheduled, after the Christmas recess.