The Budget Responsibility and National Audit Act 2011 (c. 4) is an Act

Act of Parliament

An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...

 of the Parliament of the United Kingdom

Parliament of the United Kingdom

The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...

. It provides a statutory footing for the already-established Office for Budget Responsibility

Office for Budget Responsibility

The Office for Budget Responsibility provides independent economic forecasts as background to the preparation of the UK budget. It was formally created in May 2010 following the general election, although it had previously been constituted in shadow form by the Conservative party opposition in...

, and requires the treasury to set out its approach to fiscal policy in a Charter for Budget Responsibility. It also sets out a new structure for the National Audit Office

National Audit Office

National Audit Office can refer to:* Australian National Audit Office* National Audit Office * National Audit Office of the People's Republic of China* Swedish National Audit Office...

 and repeals the Fiscal Responsibility Act 2010

Fiscal Responsibility Act 2010

The Fiscal Responsibility Act 2010 is an Act of the Parliament of the United Kingdom that received Royal Assent on 10 February 2010. The Act was repealed by section 10 of the Budget Responsibility and National Audit Act 2011 on March 23 2011....

.

It was introduced in the House of Lords

House of Lords

The House of Lords is the upper house of the Parliament of the United Kingdom. Like the House of Commons, it meets in the Palace of Westminster....

 by the Commercial Secretary to the Treasury

Commercial Secretary to the Treasury

The Commercial Secretary to the Treasury, or City Minister, is a United Kingdom Government minister in HM Treasury who ranks as a Parliamentary Under-Secretary of State. The position has a wide range of duties related to business, and the financial sector in particular...

 James Sassoon

James Sassoon, Baron Sassoon

James Meyer Sassoon, Baron Sassoon, Kt, FCA is the Commercial Secretary to the Treasury, a ministerial position in HM Treasury, the UK's finance ministry. Sassoon had a long career in the financial sector and previously served in various roles at the Treasury from 2002 to 2008, at which point he...

, on behalf of the Government

United Kingdom coalition government (2010–present)

The ConservativeLiberal Democrat coalition is the present Government of the United Kingdom, formed after the 2010 general election. The Conservative Party and the Liberal Democrats entered into discussions which culminated in the 2010 coalition agreement, setting out a programme for government...

, and it received Royal Assent

Royal Assent

The granting of royal assent refers to the method by which any constitutional monarch formally approves and promulgates an act of his or her nation's parliament, thus making it a law...

 on 22 March 2011.

Office for Budget Responsibility

The Office for Budget Responsibility was initially constituted in shadow form by the Conservative party opposition in December 2009. It was then formally created by the new government after the general election in May 2010, before being put on a statutory footing by this Act.

The OBR provides independent economic forecasts as background to the preparation of the UK budget

United Kingdom budget

The United Kingdom budget deals with HM Treasury budgeting the revenues gathered by Her Majesty's Revenue and Customs and expenditures of public sector departments, in compliance with government policy.Adjustment is achieved with the GDP deflator....

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