Fiscal rules

33.27Successive Governments have sought to establish rules in relation to fiscal policy. In 1998, the Government put in place a Code for Fiscal Responsibility. Under the Budget Responsibility and National Audit Act 2011, the Government is required to prepare a Charter for Budget Responsibility, as part of which the Government is required to set objectives relating to fiscal policy and explain how these fiscal objectives will be achieved. The Charter requires approval by a resolution of the House of Commons. Proceedings on the motion for this resolution are governed by the ordinary procedure for proceedings pursuant to an Act of Parliament. Consequently, the contents of the Charter may not be amended by the House and the proceedings do not form part of the financial procedure of the House.1