Budget Responsibility Bill receives Royal Assent

To 'fix the foundations of the economy'

Rachel Reeves’ Budget Responsibility Act has received the Royal Assent, as the government works to express its “commitment to restoring economic stability”, according to the Treasury.

Having outlined the desire to introduce ‘fiscal lock' legislation in the King's Speech in July this year, the Act "contains a fiscal lock to ensure that any major future fiscal announcement will be subject to independent assessment", the Treasury noted.  King's Speech lays out more powers for the Office for Budget Responsibility This will mean that the Office for Budget Responsibility (OBR) will be awarded power to make an independent assessment of significant announcements regarding tax, spending, or a flurry of announcements within a single financial year which amount to permanent t...