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Bill · started in the Commons

Fiscal Responsibility Act 2010

A Bill to Make provision for and in connection with the imposition of duties for securing sound public finances.

Now an Act of Parliament

The story so farThe Fiscal Responsibility Bill was introduced in the House of Commons on 9 December 2009 by Mr Alistair Darling (Labour). It completed its passage through Parliament and became law as the Fiscal Responsibility Act 2010, receiving Royal Assent on 10 February 2010.

What the bill does

<p>The Bill imposes a statutory duty on the Treasury to meet specific targets for the reduction of government borrowing and debt. The Government believes that this legislation demonstrates its commitment to ensuring the sustainability of the public finances. The Bill gives Parliament a greater role in fiscal policy.<br><br><strong>Key areas</strong></p><p>The Bill requires the Treasury to make sure that:</p><ul><li>Government borrowing in each financial year between 2010/11 and 2015/16 is lower than the previous year, measured as a percentage of GDP</li><li>Government borrowing in 2013/14 is no more than half its 2009/10 level. A draft statutory instrument made under the Bill requires borrowing to be no more than 5.5 per cent of GDP in 2013/14</li><li>Government debt is lower in 2015/16 than in 2014/15, measured as a percentage of GDP</li></ul>The Bill also requires the Treasury to report to Parliament in the Budget and in Pre-Budget Reports and to provide an explanation if the targets are missed.

Progress through Parliament

  1. 1st reading Commons 9 Dec 2009
  2. 2nd reading Commons 5 Jan 2010
  3. Programme motion Commons 5 Jan 2010
  4. Committee stage Commons 20 Jan 2010
  5. 3rd reading Commons 20 Jan 2010
  6. 1st reading Lords 21 Jan 2010
  7. 2nd reading Lords 10 Feb 2010
  8. Committee negatived Lords 10 Feb 2010
  9. 3rd reading Lords 10 Feb 2010
  10. Royal Assent Unassigned 10 Feb 2010

Source: the official bill page. Last updated 17 Aug 2010.